{
 "cells": [
  {
   "cell_type": "code",
   "execution_count": 1,
   "id": "0280f476",
   "metadata": {},
   "outputs": [],
   "source": [
    "from langchain_community.document_loaders import PyPDFLoader"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 2,
   "id": "df965454",
   "metadata": {},
   "outputs": [
    {
     "name": "stdout",
     "output_type": "stream",
     "text": [
      "104\n"
     ]
    }
   ],
   "source": [
    "file_path = \"./example_data/nke-10k-2023.pdf\"\n",
    "loader = PyPDFLoader(file_path)\n",
    "\n",
    "docs = loader.load()\n",
    "\n",
    "print(len(docs))"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 3,
   "id": "ad97fe26",
   "metadata": {},
   "outputs": [
    {
     "name": "stdout",
     "output_type": "stream",
     "text": [
      "stocklight.com\n",
      " \n",
      ">\n",
      "Stocks\n",
      " \n",
      ">\n",
      "United States\n",
      " \n",
      "Nike\n",
      " \n",
      ">\n",
      "Annual Reports\n",
      " \n",
      ">\n",
      "2023 Annual Report\n",
      "Nike Annual Report 2023\n",
      "Form 10-K (NYSE:NKE)\n",
      "Published: July 20th, 2023\n",
      "Brought to you by\n",
      "\n"
     ]
    }
   ],
   "source": [
    "print(f\"{docs[0].page_content[:200]}\\n\")"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 4,
   "id": "6e156fc6",
   "metadata": {},
   "outputs": [
    {
     "name": "stdout",
     "output_type": "stream",
     "text": [
      "{'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 0, 'page_label': '1'}\n"
     ]
    }
   ],
   "source": [
    "print(docs[0].metadata)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 6,
   "id": "c3c57dc2",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 1, 'page_label': '2'}, page_content='Nike (NKE) Historical Annual Reports 2002-2024\\nYear\\nReport\\nSize\\n2024\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2024\\n1.5mb\\n2022\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2022\\n1.5mb\\n2021\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2021\\n163kb\\n2020\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2020\\n678kb\\n2019\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2019\\n1.6mb\\n2018\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2018\\n357kb\\n2017\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2017\\n1.3mb\\n2016\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2016\\n1.4mb\\n2015\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2015\\n253kb\\n2014\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2014\\n251kb\\n2013\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2013\\n262kb\\n2012\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2012\\n715kb\\n2011\\n \\nNike (NKE) 10-K Annual Report - Jul 22nd, 2011\\n656kb\\n2010\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2010\\n659kb\\n2009\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2009\\n625kb\\n2008\\n \\nNike (NKE) 10-K Annual Report - Jul 28th, 2008\\n566kb\\n2007\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2007\\n534kb\\n2006\\n \\nNike (NKE) 10-K Annual Report - Jul 28th, 2006\\n538kb\\n2005\\n \\nNike (NKE) 10-K Annual Report - Jul 29th, 2005\\n520kb\\n2004\\n \\nNike (NKE) 10-K Annual Report - Jul 30th, 2004\\n513kb\\n2003\\n \\nNike (NKE) 10-K Annual Report - Aug 7th, 2003\\n520kb\\n2002\\n \\nNike (NKE) 10-K Annual Report - Aug 14th, 2002\\n500kb')"
      ]
     },
     "execution_count": 6,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "docs[1]"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 7,
   "id": "343c2509",
   "metadata": {},
   "outputs": [],
   "source": [
    "from langchain_text_splitters import RecursiveCharacterTextSplitter"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 8,
   "id": "7b9b9310",
   "metadata": {},
   "outputs": [],
   "source": [
    "text_splitter = RecursiveCharacterTextSplitter(\n",
    "    chunk_size=1000, chunk_overlap=200, add_start_index=True\n",
    ")\n",
    "all_splits = text_splitter.split_documents(docs)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 9,
   "id": "7dee4505",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "[Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 0, 'page_label': '1', 'start_index': 0}, page_content='stocklight.com\\n \\n>\\nStocks\\n \\n>\\nUnited States\\n \\nNike\\n \\n>\\nAnnual Reports\\n \\n>\\n2023 Annual Report\\nNike Annual Report 2023\\nForm 10-K (NYSE:NKE)\\nPublished: July 20th, 2023\\nBrought to you by'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 1, 'page_label': '2', 'start_index': 0}, page_content='Nike (NKE) Historical Annual Reports 2002-2024\\nYear\\nReport\\nSize\\n2024\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2024\\n1.5mb\\n2022\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2022\\n1.5mb\\n2021\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2021\\n163kb\\n2020\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2020\\n678kb\\n2019\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2019\\n1.6mb\\n2018\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2018\\n357kb\\n2017\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2017\\n1.3mb\\n2016\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2016\\n1.4mb\\n2015\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2015\\n253kb\\n2014\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2014\\n251kb\\n2013\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2013\\n262kb\\n2012\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2012\\n715kb\\n2011\\n \\nNike (NKE) 10-K Annual Report - Jul 22nd, 2011\\n656kb\\n2010\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2010\\n659kb\\n2009\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2009\\n625kb\\n2008'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 1, 'page_label': '2', 'start_index': 778}, page_content='715kb\\n2011\\n \\nNike (NKE) 10-K Annual Report - Jul 22nd, 2011\\n656kb\\n2010\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2010\\n659kb\\n2009\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2009\\n625kb\\n2008\\n \\nNike (NKE) 10-K Annual Report - Jul 28th, 2008\\n566kb\\n2007\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2007\\n534kb\\n2006\\n \\nNike (NKE) 10-K Annual Report - Jul 28th, 2006\\n538kb\\n2005\\n \\nNike (NKE) 10-K Annual Report - Jul 29th, 2005\\n520kb\\n2004\\n \\nNike (NKE) 10-K Annual Report - Jul 30th, 2004\\n513kb\\n2003\\n \\nNike (NKE) 10-K Annual Report - Aug 7th, 2003\\n520kb\\n2002\\n \\nNike (NKE) 10-K Annual Report - Aug 14th, 2002\\n500kb'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 2, 'page_label': '3', 'start_index': 0}, page_content=\"UNITED STATES\\nSECURITIES AND EXCHANGE COMMISSION\\nWashington, D.C. 20549\\nFORM \\n10-K\\n(Mark One)\\n☑\\n ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934\\nFOR THE FISCAL YEAR ENDED \\nMAY 31\\n, 2023\\nOR\\n☐\\n \\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934\\nFOR THE TRANSITION PERIOD FROM                         TO                         .\\nCommission File No. \\n1-10635\\nNIKE, Inc.\\n(Exact name of Registrant as specified in its charter)\\nOregon\\n93-0584541\\n(State or other jurisdiction of incorporation)\\n(IRS Employer Identification No.)\\nOne Bowerman Drive\\n, \\nBeaverton\\n, \\nOregon\\n \\n97005-6453\\n(Address of principal executive offices and zip code)\\n(\\n503\\n) \\n671-6453\\n(Registrant's telephone number, including area code)\\nSECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:\\nClass B Common Stock\\nNKE\\nNew York Stock Exchange\\n(Title of each class)\\n(Trading symbol)\\n(Name of each exchange on which registered)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 2, 'page_label': '3', 'start_index': 777}, page_content='SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:\\nClass B Common Stock\\nNKE\\nNew York Stock Exchange\\n(Title of each class)\\n(Trading symbol)\\n(Name of each exchange on which registered)\\nSECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:\\nNONE\\nIndicate by check mark:\\nYES\\nNO\\n•\\nif the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\\nþ\\n¨\\n•\\nif the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.\\n¨\\nþ\\n•\\nwhether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for\\nsuch shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\\nþ\\n¨\\n•\\nwhether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 2, 'page_label': '3', 'start_index': 1600}, page_content='þ\\n¨\\n•\\nwhether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this\\nchapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\\nþ\\n¨\\n•\\nwhether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\\nLarge accelerated filer\\nþ\\nAccelerated filer\\n☐\\nNon-accelerated filer\\n☐\\nSmaller reporting company\\n☐\\nEmerging growth company\\n☐\\n•\\nif an emerging growth company, if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\\nstandards provided pursuant to Section 13(a) of the Exchange Act.\\n¨\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 2, 'page_label': '3', 'start_index': 2510}, page_content=\"standards provided pursuant to Section 13(a) of the Exchange Act.\\n¨\\n•\\nwhether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under\\nSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.\\nþ\\n•\\nif securities are registered pursuant to Section 12(b) of the Act, whether the financial statements of the registrant included in the filing reflect the correction of an error to\\npreviously issued financial statements.\\n¨\\n•\\nwhether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive\\nofficers during the relevant recovery period pursuant to § 240.10D-1(b).\\n¨\\n•\\nwhether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\\n☐\\nþ\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 2, 'page_label': '3', 'start_index': 3287}, page_content=\"officers during the relevant recovery period pursuant to § 240.10D-1(b).\\n¨\\n•\\nwhether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\\n☐\\nþ\\nAs of November 30, 2022, the aggregate market values of the Registrant's Common Stock held by non-affiliates were:\\nClass A\\n$\\n7,831,564,572\\n \\nClass B\\n136,467,702,472\\n \\n$\\n144,299,267,044\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 3, 'page_label': '4', 'start_index': 0}, page_content=\"As of July 12, 2023, the number of shares of the Registrant's Common Stock outstanding were:\\nClass A\\n304,897,252\\n \\nClass B\\n1,225,074,356\\n \\n1,529,971,608 \\nDOCUMENTS INCORPORATED BY REFERENCE:\\nParts of Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on September 12, 2023, are incorporated by reference into Part III of this report.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 4, 'page_label': '5', 'start_index': 0}, page_content=\"NIKE, INC.\\nANNUAL REPORT ON FORM 10-K\\nTABLE OF CONTENTS\\nPAGE\\nPART I\\n1\\nITEM 1.\\nBusiness\\n1\\nGeneral\\n1\\nProducts\\n1\\nSales and Marketing\\n2\\nOur Markets\\n2\\nSignificant Customer\\n3\\nProduct Research, Design and Development\\n3\\nManufacturing\\n3\\nInternational Operations and Trade\\n4\\nCompetition\\n5\\nTrademarks and Patents\\n5\\nHuman Capital Resources\\n6\\nAvailable Information and Websites\\n7\\nInformation about our Executive Officers\\n8\\nITEM 1A.\\nRisk Factors\\n9\\nITEM 1B.\\nUnresolved Staff Comments\\n24\\nITEM 2.\\nProperties\\n24\\nITEM 3.\\nLegal Proceedings\\n24\\nITEM 4.\\nMine Safety Disclosures\\n24\\nPART II\\n25\\nITEM 5.\\nMarket for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\\n25\\nITEM 6.\\nReserved\\n27\\nITEM 7.\\nManagement's Discussion and Analysis of Financial Condition and Results of Operations\\n28\\nITEM 7A.\\nQuantitative and Qualitative Disclosures about Market Risk\\n49\\nITEM 8.\\nFinancial Statements and Supplementary Data\\n51\\nITEM 9.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 4, 'page_label': '5', 'start_index': 803}, page_content='28\\nITEM 7A.\\nQuantitative and Qualitative Disclosures about Market Risk\\n49\\nITEM 8.\\nFinancial Statements and Supplementary Data\\n51\\nITEM 9.\\nChanges in and Disagreements with Accountants on Accounting and Financial Disclosure\\n91\\nITEM 9A.\\nControls and Procedures\\n91\\nITEM 9B.\\nOther Information\\n91\\nITEM 9C.\\nDisclosure Regarding Foreign Jurisdictions that Prevent Inspections\\n91\\nPART III\\n92\\n(Except for the information set forth under “Information about our Executive Officers” in Item 1 above, Part III is incorporated by reference from the\\nProxy Statement for the NIKE, Inc. 202\\n3\\n Annual Meeting of Shareholders.)\\nITEM 10.\\nDirectors, Executive Officers and Corporate Governance\\n92\\nITEM 11.\\nExecutive Compensation\\n92\\nITEM 12.\\nSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\\n92\\nITEM 13.\\nCertain Relationships and Related Transactions and Director Independence\\n92\\nITEM 14.\\nPrincipal Accountant Fees and Services\\n92\\nPART IV\\n93\\nITEM 15.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 4, 'page_label': '5', 'start_index': 1618}, page_content='92\\nITEM 13.\\nCertain Relationships and Related Transactions and Director Independence\\n92\\nITEM 14.\\nPrincipal Accountant Fees and Services\\n92\\nPART IV\\n93\\nITEM 15.\\nExhibits and Financial Statement Schedules\\n93\\nITEM 16.\\nForm 10-K Summary\\n97\\nSignatures\\n99'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 5, 'page_label': '6', 'start_index': 0}, page_content='PART I\\nITEM 1. BUSINESS\\nGENERAL\\nNIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this \"Annual Report\"), the terms \"we,\" \"us,\" \"our,\" \"NIKE\" and\\nthe \"Company\" refer to NIKE, Inc. and its predecessors, subsidiaries and affiliates, collectively, unless the context indicates otherwise.\\nOur principal business activity is the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE is the largest\\nseller of athletic footwear and apparel in the world. We sell our products through NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our\\ndigital platforms (also referred to as \"NIKE Brand Digital\"), to retail accounts and to a mix of independent distributors, licensees and sales representatives in nearly all countries around'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 5, 'page_label': '6', 'start_index': 718}, page_content='digital platforms (also referred to as \"NIKE Brand Digital\"), to retail accounts and to a mix of independent distributors, licensees and sales representatives in nearly all countries around\\nthe world. We also offer interactive consumer services and experiences through our digital platforms. Nearly all of our products are manufactured by independent contractors. Nearly\\nall footwear and apparel products are manufactured outside the United States, while equipment products are manufactured both in the United States and abroad.\\nAll references to fiscal 2023, 2022, 2021 and 2020 are to NIKE, Inc.\\'s fiscal years ended May 31, 2023, 2022, 2021 and 2020, respectively. Any references to other fiscal years refer to\\na fiscal year ending on May 31 of that year.\\nPRODUCTS\\nOur NIKE Brand product offerings are aligned around our consumer construct focused on Men\\'s, Women\\'s and Kids\\'. We also design products specifically for the Jordan Brand and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 5, 'page_label': '6', 'start_index': 1477}, page_content=\"PRODUCTS\\nOur NIKE Brand product offerings are aligned around our consumer construct focused on Men's, Women's and Kids'. We also design products specifically for the Jordan Brand and\\nConverse. We believe this approach allows us to create products that better meet individual consumer needs while accelerating our largest growth opportunities.\\nNIKE's athletic footwear products are designed primarily for specific athletic use, although a large percentage of the products are worn for casual or leisure purposes. We place\\nconsiderable emphasis on innovation and high-quality construction in the development and manufacturing of our products. Our Men's, Women's and Jordan Brand footwear products\\ncurrently lead in footwear sales and we expect them to continue to do so.\\nWe also sell sports apparel, which features the same trademarks and are sold predominantly through the same marketing and distribution channels as athletic footwear. Our sports\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 5, 'page_label': '6', 'start_index': 2246}, page_content='We also sell sports apparel, which features the same trademarks and are sold predominantly through the same marketing and distribution channels as athletic footwear. Our sports\\napparel, similar to our athletic footwear products, is designed primarily for athletic use, although many of the products are worn for casual or leisure purposes, and demonstrates our\\ncommitment to innovation and high-quality construction. Our Men\\'s and Women\\'s apparel products currently lead in apparel sales and we expect them to continue to do so. We often\\nmarket footwear, apparel and accessories in \"collections\" of similar use or by category. We also market apparel with licensed college and professional team and league logos.\\nWe sell a line of performance equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 5, 'page_label': '6', 'start_index': 2958}, page_content='We sell a line of performance equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective\\nequipment and other equipment designed for sports activities. We also sell small amounts of various plastic products to other manufacturers through our wholly-owned subsidiary,\\nNIKE IHM, Inc., doing business as Air Manufacturing Innovation.\\nOur Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on basketball performance and culture using the\\nJumpman trademark. Sales and operating results for Jordan Brand products are reported within the respective NIKE Brand geographic operating segments.\\nOur wholly-owned subsidiary brand, Converse, headquartered in Boston, Massachusetts, designs, distributes and licenses casual sneakers, apparel and accessories under the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 5, 'page_label': '6', 'start_index': 3706}, page_content='Our wholly-owned subsidiary brand, Converse, headquartered in Boston, Massachusetts, designs, distributes and licenses casual sneakers, apparel and accessories under the\\nConverse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. Operating results of the Converse brand are reported on a stand-alone basis.\\nIn addition to the products we sell to our wholesale customers and directly to consumers through our NIKE Direct operations, we have also entered into license agreements that permit\\nunaffiliated parties to manufacture and sell, using NIKE-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 6, 'page_label': '7', 'start_index': 0}, page_content='We also offer interactive consumer services and experiences as well as digital products through our digital platforms, including fitness and activity apps; sport, fitness and wellness\\ncontent; and digital services and features in retail stores that enhance the consumer experience.\\nSALES AND MARKETING\\nWe experience moderate fluctuations in aggregate sales volume during the year. Historically, revenues in the first and fourth fiscal quarters have slightly exceeded those in the second\\nand third fiscal quarters. However, the mix of product sales may vary considerably as a result of changes in seasonal and geographic demand for particular types of footwear, apparel\\nand equipment, as well as other macroeconomic, strategic, operating and logistics-related factors.\\nBecause NIKE is a consumer products company, the relative popularity and availability of various sports and fitness activities, as well as changing design trends, affect the demand for'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 6, 'page_label': '7', 'start_index': 768}, page_content=\"Because NIKE is a consumer products company, the relative popularity and availability of various sports and fitness activities, as well as changing design trends, affect the demand for\\nour products. We must, therefore, respond to trends and shifts in consumer preferences by adjusting the mix of existing product offerings, developing new products, styles and\\ncategories and influencing sports and fitness preferences through extensive marketing. Failure to respond in a timely and adequate manner could have a material adverse effect on\\nour sales and profitability. This is a continuing risk. Refer to Item 1A. Risk Factors.\\nOUR MARKETS\\nWe report our NIKE Brand operations based on our internal geographic organization. Each NIKE Brand geographic segment operates predominantly in one industry: the design,\\ndevelopment, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe,\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 6, 'page_label': '7', 'start_index': 1576}, page_content='development, marketing and selling of athletic footwear, apparel and equipment. The Company\\'s reportable operating segments for the NIKE Brand are: North America; Europe,\\nMiddle East & Africa (\"EMEA\"); Greater China; and Asia Pacific & Latin America (\"APLA\"), and include results for the NIKE and Jordan brands. Sales through our NIKE Direct\\noperations are managed within each geographic operating segment.\\nConverse is also a reportable operating segment and operates predominately in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.\\nConverse direct to consumer operations, including digital commerce, are reported within the Converse operating segment results.\\nUNITED STATES MARKET\\nFor fiscal 2023, NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues, compared to 40% and 39% for fiscal 2022 and fiscal 2021,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 6, 'page_label': '7', 'start_index': 2293}, page_content='UNITED STATES MARKET\\nFor fiscal 2023, NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues, compared to 40% and 39% for fiscal 2022 and fiscal 2021,\\nrespectively. We sell our products to thousands of retail accounts in the United States, including a mix of footwear stores, sporting goods stores, athletic specialty stores, department\\nstores, skate, tennis and golf shops and other retail accounts. In the United States, we utilize NIKE sales offices to solicit such sales. During fiscal 2023, our three largest United States\\ncustomers accounted for approximately 22% of sales in the United States.\\nOur NIKE Direct and Converse direct to consumer operations sell our products to consumers through various digital platforms. In addition, our NIKE Direct and Converse direct to\\nconsumer operations sell products through the following number of retail stores in the United States:\\nU.S. RETAIL STORES\\nNUMBER\\nNIKE Brand factory stores\\n213'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 6, 'page_label': '7', 'start_index': 3117}, page_content='consumer operations sell products through the following number of retail stores in the United States:\\nU.S. RETAIL STORES\\nNUMBER\\nNIKE Brand factory stores\\n213 \\nNIKE Brand in-line stores (including employee-only stores)\\n74 \\nConverse stores (including factory stores)\\n82 \\nTOTAL\\n369\\n \\nIn the United States, NIKE has eight significant distribution centers. Refer to Item 2. Properties for further information.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 7, 'page_label': '8', 'start_index': 0}, page_content=\"INTERNATIONAL MARKETS\\nFor fiscal 2023, non-U.S. NIKE Brand and Converse sales accounted for approximately 57% of total revenues, compared to 60% and 61% for fiscal 2022 and fiscal 2021, respectively.\\nWe sell our products to retail accounts through our own NIKE Direct operations and through a mix of independent distributors, licensees and sales representatives around the world.\\nWe sell to thousands of retail accounts and ship products from 67 distribution centers outside of the United States. Refer to Item 2. Properties for further information on distribution\\nfacilities outside of the United States. During fiscal 2023, NIKE's three largest customers outside of the United States accounted for approximately 14% of total non-U.S. sales.\\nIn addition to NIKE-owned and Converse-owned digital commerce platforms in over 40 countries, our NIKE Direct and Converse direct to consumer businesses operate the following\\nnumber of retail stores outside the United States:\\nNON-U.S. RETAIL STORES\\nNUMBER\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 7, 'page_label': '8', 'start_index': 918}, page_content='number of retail stores outside the United States:\\nNON-U.S. RETAIL STORES\\nNUMBER\\nNIKE Brand factory stores\\n560 \\nNIKE Brand in-line stores (including employee-only stores)\\n49 \\nConverse stores (including factory stores)\\n54 \\nTOTAL\\n663\\n \\nSIGNIFICANT CUSTOMER\\nNo customer accounted for 10% or more of our consolidated net Revenues during fiscal 2023.\\nPRODUCT RESEARCH, DESIGN AND DEVELOPMENT\\nWe believe our research, design and development efforts are key factors in our success. Technical innovation in the design and manufacturing process of footwear, apparel and\\nathletic equipment receives continued emphasis as we strive to produce products that help to enhance athletic performance, reduce injury and maximize comfort, while decreasing our\\nenvironmental impact.\\nIn addition to our own staff of specialists in the areas of biomechanics, chemistry, exercise physiology, engineering, digital technologies, industrial design, sustainability and related'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 7, 'page_label': '8', 'start_index': 1681}, page_content='In addition to our own staff of specialists in the areas of biomechanics, chemistry, exercise physiology, engineering, digital technologies, industrial design, sustainability and related\\nfields, we also utilize research committees and advisory boards made up of athletes, coaches, trainers, equipment managers, orthopedists, podiatrists, physicians and other experts\\nwho consult with us and review certain designs, materials and concepts for product and manufacturing, design and other process improvements and compliance with product safety\\nregulations around the world. Employee athletes, athletes engaged under sports marketing contracts and other athletes wear-test and evaluate products during the design and\\ndevelopment process.\\nAs we continue to develop new technologies, we are simultaneously focused on the design of innovative products and experiences incorporating such technologies throughout our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 7, 'page_label': '8', 'start_index': 2395}, page_content='development process.\\nAs we continue to develop new technologies, we are simultaneously focused on the design of innovative products and experiences incorporating such technologies throughout our\\nproduct categories and consumer applications. Using market intelligence and research, our various design teams identify opportunities to leverage new technologies in existing\\ncategories to respond to consumer preferences. The proliferation of Nike Air, Zoom, Free, Dri-FIT, Flyknit, FlyEase, ZoomX, Air Max, React and Forward technologies, among others,\\ntypifies our dedication to designing innovative products.\\nMANUFACTURING\\nNearly all of our footwear and apparel products are manufactured outside the United States by independent manufacturers (\"contract manufacturers\"), many of which operate multiple\\nfactories. We are also supplied, primarily indirectly, by a number of materials, or \"Tier 2\" suppliers, who provide the principal materials used in footwear and apparel finished goods'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 7, 'page_label': '8', 'start_index': 3195}, page_content='factories. We are also supplied, primarily indirectly, by a number of materials, or \"Tier 2\" suppliers, who provide the principal materials used in footwear and apparel finished goods\\nproducts. As of May 31, 2023, we had 146 strategic Tier 2 suppliers.\\nAs of May 31, 2023, our contract manufacturers operated 123 finished goods footwear factories located in 11 countries. For fiscal 2023, NIKE Brand footwear finished goods were\\nmanufactured by 15 contract manufacturers, many of which operate multiple factories. The largest single finished goods footwear factory accounted for approximately 9% of total fiscal\\n2023 NIKE Brand footwear production. For fiscal 2023, factories in Vietnam, Indonesia and China manufactured approximately 50%, 27% and 18% of total NIKE Brand footwear,\\nrespectively. For fiscal 2023, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate accounted for approximately 58%\\nof NIKE Brand footwear production.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 7, 'page_label': '8', 'start_index': 4157}, page_content='of NIKE Brand footwear production.\\nAs of May 31, 2023, our contract manufacturers operated 291 finished goods apparel factories located in 31 countries. For fiscal 2023, NIKE Brand apparel finished goods were\\nmanufactured by 55 contract manufacturers, many of which operate multiple factories. The largest single finished goods apparel factory accounted for approximately 8% of total fiscal\\n2023 NIKE Brand apparel production. For fiscal 2023, factories in Vietnam, China and Cambodia manufactured approximately 29%, 18% and 16%'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 0}, page_content=\"of total NIKE Brand apparel, respectively. For fiscal 2023, one apparel contract manufacturer accounted for more than 10% of apparel production, and the top five contract\\nmanufacturers in the aggregate accounted for approximately 52% of NIKE Brand apparel production.\\nNIKE's contract manufacturers buy raw materials for the manufacturing of our footwear, apparel and equipment products. Most raw materials are available and purchased by those\\ncontract manufacturers in the countries where manufacturing takes place.\\nThe principal materials used in our footwear products are natural and synthetic rubber, plastic compounds, foam cushioning materials, natural and synthetic leather, nylon, polyester\\nand natural fiber textiles, as well as polyurethane films used to make NIKE Air-Sole cushioning components. During fiscal 2023, Air Manufacturing Innovation, a wholly-owned\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 698}, page_content='and natural fiber textiles, as well as polyurethane films used to make NIKE Air-Sole cushioning components. During fiscal 2023, Air Manufacturing Innovation, a wholly-owned\\nsubsidiary, with facilities near Beaverton, Oregon, in Dong Nai Province, Vietnam, and St. Charles, Missouri, as well as contract manufacturers in China and Vietnam, were our\\nsuppliers of NIKE Air-Sole cushioning components used in footwear.\\nThe principal materials used in our apparel products are natural and synthetic fabrics, yarns and threads (both virgin and recycled); specialized performance fabrics designed to\\nefficiently wick moisture away from the body, retain heat and repel rain and/or snow; and plastic and metal hardware.\\nIn fiscal 2023, we experienced ongoing supply chain volatility during the first part of the year, which improved gradually during the course of the year. We also experienced higher'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 1409}, page_content='In fiscal 2023, we experienced ongoing supply chain volatility during the first part of the year, which improved gradually during the course of the year. We also experienced higher\\nsupply chain network costs primarily due to inflationary pressures during the year. Despite competition for certain materials during fiscal 2023, contract manufacturers were able to\\nsource sufficient quantities of raw materials for use in our footwear and apparel products. Refer to Item 1A. Risk Factors, for additional discussion of the impact of sourcing risks on our\\nbusiness.\\nSince 1972, Sojitz Corporation of America (\"Sojitz America\"), a large Japanese trading company and the sole owner of our redeemable preferred stock, has performed import-export\\nfinancing services for us.\\nINTERNATIONAL OPERATIONS AND TRADE\\nOur international operations and sources of supply are subject to the usual risks of doing business abroad, such as the implementation of, or potential changes in, foreign and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 2210}, page_content='Our international operations and sources of supply are subject to the usual risks of doing business abroad, such as the implementation of, or potential changes in, foreign and\\ndomestic trade policies, increases in import duties, anti-dumping measures, quotas, safeguard measures, trade restrictions, restrictions on the transfer of funds and, in certain parts of\\nthe world, political tensions, instability, conflicts, nationalism and terrorism, and resulting sanctions and other measures imposed in response to such issues. We have not, to date,\\nbeen materially affected by any such risk but cannot predict the likelihood of such material effects occurring in the future.\\nIn recent years, uncertain global and regional economic and political conditions have affected international trade and increased protectionist actions around the world. These trends are'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 2882}, page_content='In recent years, uncertain global and regional economic and political conditions have affected international trade and increased protectionist actions around the world. These trends are\\naffecting many global manufacturing and service sectors, and the footwear and apparel industries, as a whole, are not immune. Companies in our industry are facing trade\\nprotectionism in many different regions, and, in nearly all cases, we are working together with industry groups to address trade issues and reduce the impact to the industry, while\\nobserving applicable competition laws. Notwithstanding our efforts, protectionist measures have resulted in increases in the cost of our products, and additional measures, if\\nimplemented, could adversely affect sales and/or profitability for NIKE, as well as the imported footwear and apparel industry as a whole.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 3593}, page_content='implemented, could adversely affect sales and/or profitability for NIKE, as well as the imported footwear and apparel industry as a whole.\\nWe monitor protectionist trends and developments throughout the world that may materially impact our industry, and we engage in administrative and judicial processes to mitigate\\ntrade restrictions. We are actively monitoring actions that may result in additional anti-dumping measures and could affect our industry. We are also monitoring for and advocating\\nagainst other impediments that may limit or delay customs clearance for imports of footwear, apparel and equipment. NIKE also advocates for trade liberalization for footwear and\\napparel in a number of bilateral and multilateral free trade agreements. Changes in, and responses to, U.S. trade policies, including the imposition of tariffs or penalties on imported'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 4268}, page_content='apparel in a number of bilateral and multilateral free trade agreements. Changes in, and responses to, U.S. trade policies, including the imposition of tariffs or penalties on imported\\ngoods or retaliatory measures by other countries, have negatively affected, and could in the future negatively affect, U.S. corporations, including NIKE, with business operations and/or\\nconsumer markets in those countries, which could also make it necessary for us to change the way we conduct business, either of which may have an adverse effect on our business,\\nfinancial condition or our results of operations. In addition, with respect to proposed trade restrictions, we work with a broad coalition of global businesses and trade associations\\nrepresenting a wide variety of sectors to help ensure that any legislation enacted and implemented (i) addresses legitimate and core concerns, (ii) is consistent with international trade'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 8, 'page_label': '9', 'start_index': 5000}, page_content='representing a wide variety of sectors to help ensure that any legislation enacted and implemented (i) addresses legitimate and core concerns, (ii) is consistent with international trade\\nrules and (iii) reflects and considers domestic economies and the important role they may play in the global economic community.\\nWhere trade protection measures are implemented, we believe we have the ability to develop, over a period of time, adequate alternative sources of supply for the products obtained\\nfrom our present suppliers. If events prevented us from acquiring products from our suppliers in a particular country, our operations could be temporarily disrupted and we could\\nexperience an adverse financial impact. However, we believe we could abate any such disruption, and that much of the adverse impact on supply would, therefore, be of a short-term\\nnature, although alternate sources of supply might not be as cost-effective and could have an ongoing adverse impact on profitability.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 9, 'page_label': '10', 'start_index': 0}, page_content='Our international operations are also subject to compliance with the U.S. Foreign Corrupt Practices Act (the \"FCPA\"), and other anti-bribery laws applicable to our operations. We\\nsource a significant portion of our products from, and have important consumer markets, outside of the United States. We have an ethics and compliance program to address\\ncompliance with the FCPA and similar laws by us, our employees, agents, suppliers and other partners.\\n \\nRefer to Item 1A. Risk Factors for additional information on risks relating to our\\ninternational operations.\\nCOMPETITION\\nThe athletic footwear, apparel and equipment industry is highly competitive on a worldwide basis. We compete internationally with a significant number of athletic and leisure footwear\\ncompanies, athletic and leisure apparel companies, sports equipment companies and large companies having diversified lines of athletic and leisure footwear, apparel and equipment,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 9, 'page_label': '10', 'start_index': 758}, page_content='companies, athletic and leisure apparel companies, sports equipment companies and large companies having diversified lines of athletic and leisure footwear, apparel and equipment,\\nincluding adidas, Anta, ASICS, Li Ning, lululemon athletica, New Balance, Puma, Under Armour and V.F. Corporation, among others. The intense competition and the rapid changes in\\ntechnology and consumer preferences in the markets for athletic and leisure footwear and apparel and athletic equipment constitute significant risk factors in our operations. Refer to\\nItem 1A. Risk Factors for additional information.\\nNIKE is the largest seller of athletic footwear and apparel in the world. Important aspects of competition in this industry are:\\n•\\nProduct attributes such as quality; performance and reliability; new product style, design, innovation and development; as well as consumer price/value.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 9, 'page_label': '10', 'start_index': 1479}, page_content='•\\nProduct attributes such as quality; performance and reliability; new product style, design, innovation and development; as well as consumer price/value.\\n•\\nConsumer connection, engagement and affinity for brands and products, developed through marketing, promotion and digital experiences; social media interaction; customer\\nsupport and service; identification with prominent and influential athletes, influencers, public figures, coaches, teams, colleges and sports leagues who endorse our brands and\\nuse our products and active engagement through sponsored sporting events and clinics.\\n•\\nEffective sourcing and distribution of products, with attractive merchandising and presentation at retail, both in-store and on digital platforms.\\nWe believe that we are competitive in all of these areas.\\nTRADEMARKS AND PATENTS'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 9, 'page_label': '10', 'start_index': 2217}, page_content='We believe that we are competitive in all of these areas.\\nTRADEMARKS AND PATENTS\\nWe believe that our intellectual property rights are important to our brand, our success and our competitive position. We strategically pursue available protections of these rights and\\nvigorously protect them against third-party theft and infringement.\\nWe use trademarks on nearly all of our products and packaging, and in our marketing materials, and believe having distinctive marks that are readily identifiable is an important factor\\nin creating a market for our goods, in identifying our brands and the Company, and in distinguishing our goods from the goods of others. We consider our NIKE and Swoosh Design\\ntrademarks to be among our most valuable assets and we have registered these trademarks in over 190 jurisdictions worldwide. In addition, we own many other trademarks that we'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 9, 'page_label': '10', 'start_index': 2912}, page_content='trademarks to be among our most valuable assets and we have registered these trademarks in over 190 jurisdictions worldwide. In addition, we own many other trademarks that we\\nuse in marketing our products. We own common law rights in the trade dress of several distinctive shoe designs and elements. For certain trade dress, we have sought and obtained\\ntrademark registrations.\\nWe have copyright protection in our designs, graphics, software applications, digital goods and other original works. When appropriate, we also obtain registered copyrights.\\nWe file for, own and maintain many U.S. and foreign utility and design patents protecting components, technologies, materials, manufacturing techniques, features, functionality, and\\nindustrial designs used in and for the manufacture of various athletic, performance, and leisure footwear and apparel, including physical and digital versions thereof, athletic equipment,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 9, 'page_label': '10', 'start_index': 3646}, page_content='industrial designs used in and for the manufacture of various athletic, performance, and leisure footwear and apparel, including physical and digital versions thereof, athletic equipment,\\nand digital devices, and related software applications. These patents expire at various times.\\nWe believe our success depends upon our capabilities in areas such as design, research and development, production and marketing and is supported and protected by our\\nintellectual property rights, such as trademarks, utility and design patents, copyrights, and trade secrets, among others.\\nWe have followed a policy of applying for and registering intellectual property rights in the United States and select foreign countries on trademarks, inventions, innovations and\\ndesigns that we deem valuable. We also continue to vigorously protect our intellectual property, including trademarks, patents and trade secrets against third-party infringement and\\nmisappropriation.\\n2023 FORM 10-K \\n5'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 0}, page_content=\"HUMAN CAPITAL RESOURCES\\nAt NIKE, we consider the strength and effective management of our workforce to be essential to the ongoing success of our business. We believe that it is important to attract, develop\\nand retain a diverse and engaged workforce at all levels of our business and that such a workforce fosters creativity and accelerates innovation. We are focused on building an\\nincreasingly diverse talent pipeline that reflects our consumers, athletes and the communities we serve.\\nCULTURE\\nEach employee shapes NIKE's culture through behaviors and practices. This starts with our Maxims, which represent our core values and, along with our Code of Conduct, feature the\\nfundamental behaviors that help anchor, inform and guide us and apply to all employees. Our mission is to bring inspiration and innovation to every athlete in the world, which includes\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 676}, page_content='fundamental behaviors that help anchor, inform and guide us and apply to all employees. Our mission is to bring inspiration and innovation to every athlete in the world, which includes\\nthe belief that if you have a body, you are an athlete. We aim to do this by creating groundbreaking sport innovations, making our products more sustainably, building a creative and\\ndiverse global team, supporting the well-being of our employees and making a positive impact in communities where we live and work. Our mission is aligned with our deep\\ncommitment to maintaining an environment where all NIKE employees have the opportunity to reach their full potential, to connect to our brands and to shape our workplace culture.\\nWe believe providing for growth and retention of our employees is essential in fostering such a culture and are dedicated to giving access to training programs and career development'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 1391}, page_content=\"We believe providing for growth and retention of our employees is essential in fostering such a culture and are dedicated to giving access to training programs and career development\\nopportunities, including trainings on NIKE's values, history and business, trainings on developing leadership skills at all levels, tools and resources for managers and qualified tuition\\nreimbursement opportunities.\\nAs part of our commitment to empowering our employees to help shape our culture, we source employee feedback through our Engagement Survey program, including several\\ncorporate pulse surveys. The program provides every employee throughout the globe an opportunity to provide confidential feedback on key areas known to drive employee\\nengagement, including their satisfaction with their managers, their work and the Company generally. The program also measures our employees’ emotional commitment to NIKE as\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 2123}, page_content=\"engagement, including their satisfaction with their managers, their work and the Company generally. The program also measures our employees’ emotional commitment to NIKE as\\nwell as NIKE's culture of diversity, equity and inclusion. NIKE also provides multiple points of contact for employees to speak up if they experience something that does not align with\\nour values or otherwise violates our workplace policies, even if they are uncertain what they observed or heard is a violation of company policy.\\nAs part of our commitment to make a positive impact on our communities, we maintain a goal of investing 2% of our prior fiscal year's pre-tax income into global communities. The\\nfocus of this investment continues to be inspiring kids to be active through play and sport as well as uniting and inspiring communities to create a better and more equitable future for\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 2805}, page_content='focus of this investment continues to be inspiring kids to be active through play and sport as well as uniting and inspiring communities to create a better and more equitable future for\\nall. Our community investments are an important part of our culture in that we also support employees in giving back to community organizations through donations and volunteering,\\nwhich are matched by the NIKE Foundation where eligible.\\nEMPLOYEE BASE\\nAs of May 31, 2023, we had approximately 83,700 employees worldwide, including retail and part-time employees. We also utilize independent contractors and temporary personnel to\\nsupplement our workforce.\\nNone of our employees are represented by a union, except certain employees in the EMEA and APLA geographies are members of and/or represented by trade unions, as allowed or\\nrequired by local law and/or collective bargaining agreements. Also, in some countries outside of the United States, local laws require employee representation by works councils'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 3619}, page_content='required by local law and/or collective bargaining agreements. Also, in some countries outside of the United States, local laws require employee representation by works councils\\n(which may be entitled to information and consultation on certain subsidiary decisions) or by organizations similar to a union. In certain European countries, we are required by local\\nlaw to enter into, and/or comply with, industry-wide or national collective bargaining agreements. NIKE has never experienced a material interruption of operations due to labor\\ndisagreements.\\nDIVERSITY, EQUITY AND INCLUSION\\nDiversity, equity and inclusion (\"DE&I\") is a strategic priority for NIKE and we are committed to having an increasingly diverse team and culture. We aim to foster an inclusive and\\naccessible workplace through recruitment, development and retention of diverse talent with the goal of expanding representation across all dimensions of diversity over the long term.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 4386}, page_content='accessible workplace through recruitment, development and retention of diverse talent with the goal of expanding representation across all dimensions of diversity over the long term.\\nWe remain committed to the targets announced in fiscal 2021 for the Company to work toward by fiscal 2025, including increasing representation of women in our global corporate\\nworkforce and leadership positions, as well as increasing representation of U.S. racial and ethnic minorities in our U.S. corporate workforce and at the Director level and above.\\nWe continue to enhance our efforts to recruit diverse talent through our traditional channels and through initiatives, such as partnerships with athletes and sports-related organizations\\nto create apprenticeship programs and new partnerships with organizations, colleges and universities that serve diverse populations. Additionally, we are prioritizing DE&I education so'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 10, 'page_label': '11', 'start_index': 5111}, page_content='to create apprenticeship programs and new partnerships with organizations, colleges and universities that serve diverse populations. Additionally, we are prioritizing DE&I education so\\nthat all NIKE employees and leaders have the cultural awareness and understanding to lead inclusively and build diverse and inclusive teams. We also have Employee Networks,\\ncollectively known as NikeUNITED, representing various employee groups.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 0}, page_content=\"Our DE&I focus extends beyond our workforce and includes our communities, which we support in a number of ways. We have committed to investments that aim to address racial\\ninequality and improve diversity and representation in our communities. We also are leveraging our global scale to accelerate business diversity, including investing in business training\\nprograms for women and increasing the proportion of services supplied by minority-owned businesses.\\nCOMPENSATION AND BENEFITS\\nNIKE's total rewards are intended to be competitive and equitable, meet the diverse needs of our global teammates and reinforce our values. We are committed to providing\\ncomprehensive, competitive and equitable pay and benefits to our employees, and we have invested, and aim to continue to invest, in our employees through growth and development\\nand holistic well-being initiatives. Our initiatives in this area include:\\n•\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 832}, page_content='and holistic well-being initiatives. Our initiatives in this area include:\\n•\\nWe are committed to competitive pay and to reviewing our pay and promotion practices annually.\\n•\\nWe have an annual company bonus plan and a retail-focused bonus plan applicable to all eligible employees. Both programs are focused on rewarding employees for company\\nperformance, which we believe reinforces our culture and rewards behaviors that support collaboration and teamwork.\\n•\\nWe provide comprehensive family care benefits in the U.S. and globally where practicable, including family planning coverage, backup care and child/elder care assistance as well\\nas an income-based childcare subsidy for eligible employees.\\n•\\nOur Military Leave benefit provides up to 12 weeks of paid time off every 12 months.\\n•\\nWe offer free access to our Sport Centers at our world headquarters for our full-time employees and North America store employees.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 1618}, page_content='•\\nWe offer free access to our Sport Centers at our world headquarters for our full-time employees and North America store employees.\\n•\\nWe provide employees free access to mindfulness and meditation resources, as well as live classes through our Sport Centers.\\n•\\nWe provide all employees and their families globally with free and confidential visits with a mental health counselor through a third-party provider and our global Employee\\nAssistance Program (EAP).\\n•\\nWe provide support to our employees in a variety of ways during times of crisis, including pay continuity under certain circumstances, our natural disaster assistance program, and\\nongoing support for challenges related to the COVID-19 pandemic.\\n•\\nWe provide a hybrid work approach for the majority of employees, as well as a Four Week Flex, which provides employees an opportunity to work from a location of their choice\\nfor up to four weeks per year.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 2502}, page_content='for up to four weeks per year.\\n•\\nWe offer a Well-Being Week where we close our corporate offices for a full-week in the summer and Well-Being Days for our teammates in our retail stores and distribution\\ncenters, and encourage our teammates to focus on their well-being.\\n•\\nWe provide inclusive family planning benefits and transgender healthcare coverage for eligible employees covered on the U.S. Health Plan, including access to both restorative\\nservices and personal care.\\n•\\nWe provide all U.S. employees with unlimited free financial coaching through a third-party provider.\\nAdditional information related to our human capital strategy can be found in our FY22 NIKE, Inc. Impact Report, which is available on the Impact section of about.nike.com. Information\\ncontained on or accessible through our websites is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC, and any'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 3264}, page_content='contained on or accessible through our websites is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC, and any\\nreferences to our websites are intended to be inactive textual references only.\\nAVAILABLE INFORMATION AND WEBSITES\\nOur NIKE digital commerce website is located at www.nike.com. On our NIKE corporate website, located at investors.nike.com, we post the following filings as soon as reasonably\\npracticable after they are electronically filed with, or furnished to, the United States Securities and Exchange Commission (the \"SEC\"): our annual report on Form 10-K, our quarterly\\nreports on Form 10-Q, our current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 3922}, page_content=\"reports on Form 10-Q, our current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act\\nof 1934, as amended. Our proxy statements are also posted on our corporate website. All such filings on our corporate website are available free of charge. Copies of these filings are\\nalso available on the SEC's website at www.sec.gov. Also available on our corporate website are the charters of the committees of our Board of Directors, as well as our corporate\\ngovernance guidelines and code of ethics. Copies of any of these documents will be provided in print to any shareholder who submits a request in writing to NIKE Investor Relations,\\nOne Bowerman Drive, Beaverton, Oregon 97005-6453. Information contained on or accessible through our website is not incorporated into, and does not form a part of, this Annual\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 11, 'page_label': '12', 'start_index': 4645}, page_content='One Bowerman Drive, Beaverton, Oregon 97005-6453. Information contained on or accessible through our website is not incorporated into, and does not form a part of, this Annual\\nReport or any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.\\n2023 FORM 10-K \\n7'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 12, 'page_label': '13', 'start_index': 0}, page_content='INFORMATION ABOUT OUR EXECUTIVE OFFICERS\\nThe executive officers of NIKE, Inc. as of July 20, 2023, are as follows:\\nMark G. Parker\\n, Executive Chairman — Mr. Parker, 67, is Executive Chairman of the Board of Directors and served as President and Chief\\nExecutive Officer from 2006 - January 2020. He has been employed by NIKE since 1979 with primary responsibilities in product research,\\ndesign and development, marketing and brand management. Mr. Parker was appointed divisional Vice President in charge of product\\ndevelopment in 1987, corporate Vice President in 1989, General Manager in 1993, Vice President of Global Footwear in 1998 and\\nPresident of the NIKE Brand in 2001.\\nJohn J. Donahoe II\\n, President and Chief Executive Officer — Mr. Donahoe, 63, was appointed President and Chief Executive Officer in\\nJanuary 2020 and has been a director since 2014. He brings expertise in digital commerce, technology and global strategy. He previously'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 12, 'page_label': '13', 'start_index': 810}, page_content=\"January 2020 and has been a director since 2014. He brings expertise in digital commerce, technology and global strategy. He previously\\nserved as President and Chief Executive Officer at ServiceNow, Inc. Prior to joining ServiceNow, Inc., he served as President and Chief\\nExecutive Officer of eBay, Inc. He also held leadership roles at Bain & Company for two decades.\\nMatthew Friend\\n, Executive Vice President and Chief Financial Officer — Mr. Friend, 45, joined NIKE in 2009 and leads the Company's\\nfinance, demand & supply management, procurement and global places & services organizations. He joined NIKE as Senior Director of\\nCorporate Strategy and Development, and was appointed Chief Financial Officer of Emerging Markets in 2011. In 2014, Mr. Friend was\\nappointed Chief Financial Officer of Global Categories, Product and Functions, and was subsequently appointed Chief Financial Officer of\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 12, 'page_label': '13', 'start_index': 1572}, page_content='appointed Chief Financial Officer of Global Categories, Product and Functions, and was subsequently appointed Chief Financial Officer of\\nthe NIKE Brand in 2016. He was also appointed Vice President of Investor Relations in 2019. Mr. Friend was appointed as Executive Vice\\nPresident and Chief Financial Officer of NIKE, Inc. in April 2020. Prior to joining NIKE, he worked in the financial industry including roles as\\nVP of investment banking and mergers and acquisitions at Goldman Sachs and Morgan Stanley.\\nMonique S. Matheson\\n, Executive Vice President, Chief Human Resources Officer — Ms. Matheson, 56, joined NIKE in 1998, with primary\\nresponsibilities in the human resources function. She was appointed as Vice President and Senior Business Partner in 2011 and Vice\\nPresident, Chief Talent and Diversity Officer in 2012. Ms. Matheson was appointed Executive Vice President, Global Human Resources in\\n2017.\\nAnn M. Miller'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 12, 'page_label': '13', 'start_index': 2343}, page_content=\"President, Chief Talent and Diversity Officer in 2012. Ms. Matheson was appointed Executive Vice President, Global Human Resources in\\n2017.\\nAnn M. Miller\\n, Executive Vice President, Chief Legal Officer — Ms. Miller, 49, joined NIKE in 2007 and serves as EVP, Chief Legal Officer\\nfor NIKE, Inc. In her capacity as Chief Legal Officer, she oversees all legal, compliance, government & public affairs, social community\\nimpact, security, resilience and investigation matters of the Company. For the past six years, she served as Vice President, Corporate\\nSecretary and Chief Ethics & Compliance Officer. She previously served as Converse's General Counsel, and brings more than 20 years of\\nlegal and business expertise to her role. Prior to joining NIKE, Ms. Miller worked at the law firm Sullivan & Cromwell.\\nHeidi O'Neill\\n,\\n \\nPresident, Consumer, Brand & Product — Ms. O'Neill, 58, joined NIKE in 1998 and leads the integration of global Men's,\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 12, 'page_label': '13', 'start_index': 3149}, page_content=\"Heidi O'Neill\\n,\\n \\nPresident, Consumer, Brand & Product — Ms. O'Neill, 58, joined NIKE in 1998 and leads the integration of global Men's,\\nWomen's & Kids' consumer teams, the entire global product engine and global brand marketing and sports marketing to build deep\\nstorytelling, relationships and engagement with the brand. Since joining NIKE, she has held a variety of key roles, including leading NIKE's\\nmarketplace and four geographic operating regions, leading NIKE Direct and accelerating NIKE's retail and digital-commerce business and\\ncreating and leading NIKE's Women’s business. Prior to NIKE, Ms. O'Neill held roles at Levi Strauss & Company and Foote, Cone &\\nBelding.\\nCraig Williams\\n, President, Geographies & Marketplace — Mr. Williams, 54, joined NIKE in 2019 and leads NIKE's four geographies and\\nmarketplace across the NIKE Direct and wholesale business. In addition, he leads the Supply Chain and Logistics organization. Mr.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 12, 'page_label': '13', 'start_index': 3959}, page_content=\"marketplace across the NIKE Direct and wholesale business. In addition, he leads the Supply Chain and Logistics organization. Mr.\\nWilliams joined NIKE as President of Jordan Brand overseeing a team of designers, product developers, marketers and business leaders.\\nPrior to NIKE, he was Senior Vice President, The Coca-Cola Co., and President of The McDonald's Division (TMD) Worldwide. Mr. Williams\\nhas also held roles at CIBA Vision and Kraft Foods Inc., and served five years in the U.S. Navy as a Naval Nuclear Power Officer.\\n2023 FORM 10-K \\n8\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 0}, page_content='ITEM 1A. RISK FACTORS\\nSpecial Note Regarding Forward-Looking Statements and Analyst Reports\\nCertain written and oral statements, other than purely historic information, including estimates, projections, statements relating to NIKE\\'s business plans, objectives and expected\\noperating or financial results and the assumptions upon which those statements are based, made or incorporated by reference from time to time by NIKE or its representatives in this\\nAnnual Report, other reports, filings with the SEC, press releases, conferences or otherwise, are \"forward-looking statements\" within the meaning of the Private Securities Litigation\\nReform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may predict,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 637}, page_content='Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may predict,\\nforecast, indicate or imply future results, performance or achievements, and may contain the words \"believe,\" \"anticipate,\" \"expect,\" \"estimate,\" \"project,\" \"will be,\" \"will continue,\" \"will\\nlikely result\" or words or phrases of similar meaning. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the forward-\\nlooking statements. The risks and uncertainties are detailed from time to time in reports filed by NIKE with the SEC, including reports filed on Forms 8-K, 10-Q and 10-K, and include,\\namong others, the following: international, national and local political, civil, economic and market conditions, including high, and increases in, inflation and interest rates; the size and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 1371}, page_content='among others, the following: international, national and local political, civil, economic and market conditions, including high, and increases in, inflation and interest rates; the size and\\ngrowth of the overall athletic or leisure footwear, apparel and equipment markets; intense competition among designers, marketers, distributors and sellers of athletic or leisure\\nfootwear, apparel and equipment for consumers and endorsers; demographic changes; changes in consumer preferences; popularity of particular designs, categories of products and\\nsports; seasonal and geographic demand for NIKE products; difficulties in anticipating or forecasting changes in consumer preferences, consumer demand for NIKE products and the\\nvarious market factors described above; our ability to execute on our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 2093}, page_content=\"various market factors described above; our ability to execute on our sustainability strategy and achieve our sustainability-related goals and targets, including sustainable product\\nofferings; difficulties in implementing, operating and maintaining NIKE's increasingly complex information technology systems and controls, including, without limitation, the systems\\nrelated to demand and supply planning and inventory control; interruptions in data and information technology systems; consumer data security; fluctuations and difficulty in forecasting\\noperating results, including, without limitation, the fact that advance orders may not be indicative of future revenues due to changes in shipment timing, the changing mix of orders with\\nshorter lead times, and discounts, order cancellations and returns; the ability of NIKE to sustain, manage or forecast its growth and inventories; the size, timing and mix of purchases of\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 2831}, page_content=\"shorter lead times, and discounts, order cancellations and returns; the ability of NIKE to sustain, manage or forecast its growth and inventories; the size, timing and mix of purchases of\\nNIKE's products; increases in the cost of materials, labor and energy used to manufacture products; new product development and introduction; the ability to secure and protect\\ntrademarks, patents and other intellectual property; product performance and quality; customer service; adverse publicity and an inability to maintain NIKE's reputation and brand\\nimage, including without limitation, through social media or in connection with brand damaging events; the loss of significant customers or suppliers; dependence on distributors and\\nlicensees; business disruptions; increased costs of freight and transportation to meet delivery deadlines; increases in borrowing costs due to any decline in NIKE's debt ratings;\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 3556}, page_content=\"licensees; business disruptions; increased costs of freight and transportation to meet delivery deadlines; increases in borrowing costs due to any decline in NIKE's debt ratings;\\nchanges in business strategy or development plans; general risks associated with doing business outside of the United States, including, without limitation, exchange rate fluctuations,\\nimport duties, tariffs, quotas, sanctions, political and economic instability, conflicts and terrorism; the potential impact of new and existing laws, regulations or policy, including, without\\nlimitation, tariffs, import/export, trade, wage and hour or labor and immigration regulations or policies; changes in government regulations; the impact of, including business and legal\\ndevelopments relating to, climate change, extreme weather conditions and natural disasters; litigation, regulatory proceedings, sanctions or any other claims asserted against NIKE;\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 4299}, page_content=\"developments relating to, climate change, extreme weather conditions and natural disasters; litigation, regulatory proceedings, sanctions or any other claims asserted against NIKE;\\nthe ability to attract and retain qualified employees, and any negative public perception with respect to key personnel or our corporate culture, values or purpose; the effects of NIKE's\\ndecision to invest in or divest of businesses or capabilities; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; and other factors referenced or\\nincorporated by reference in this Annual Report and other reports.\\nInvestors should also be aware that while NIKE does, from time to time, communicate with securities analysts, it is against NIKE's policy to disclose to them any material non-public\\ninformation or other confidential commercial information. Accordingly, shareholders should not assume that NIKE agrees with any statement or report issued by any analyst\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 5095}, page_content=\"information or other confidential commercial information. Accordingly, shareholders should not assume that NIKE agrees with any statement or report issued by any analyst\\nirrespective of the content of the statement or report. Furthermore, NIKE has a policy against confirming financial forecasts or projections issued by others. Thus, to the extent that\\nreports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the responsibility of NIKE.\\nRisk Factors\\nThe risks included here are not exhaustive. Other sections of this Annual Report may include additional factors which could adversely affect NIKE's business and financial\\nperformance. Moreover, NIKE operates in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for management to predict\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 13, 'page_label': '14', 'start_index': 5768}, page_content=\"performance. Moreover, NIKE operates in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for management to predict\\nall such risks, nor can it assess the impact of all such risks on NIKE's business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from\\nthose contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of\\nactual results.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 0}, page_content='Economic and Industry Risks\\nGlobal economic conditions could have a material adverse effect on our business, operating results and financial condition.\\nThe uncertain state of the global economy, including high and rising levels of inflation and interest rates and the risk of a recession, continues to impact businesses around the world. If\\nglobal economic and financial market conditions deteriorate, the following factors, among others, could have a material adverse effect on our business, operating results and financial\\ncondition:\\n•\\nOur sales are impacted by discretionary spending by consumers. Declines in consumer spending have in the past resulted in and may in the future result in reduced demand for\\nour products, increased inventories, reduced orders from retailers for our products, order cancellations, lower revenues, higher discounts and lower gross margins.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 711}, page_content='our products, increased inventories, reduced orders from retailers for our products, order cancellations, lower revenues, higher discounts and lower gross margins.\\n•\\nIn the future, we may be unable to access financing in the credit and capital markets at reasonable rates in the event we find it desirable to do so.\\n•\\nWe conduct transactions in various currencies, which creates exposure to fluctuations in foreign currency exchange rates relative to the U.S. Dollar. Continued volatility in the\\nmarkets and exchange rates for foreign currencies and contracts in foreign currencies has had and could continue to have a significant impact on our reported operating results\\nand financial condition.\\n•\\nContinued volatility in the availability and prices for commodities and raw materials we use in our products and in our supply chain (such as cotton or petroleum derivatives) has'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 1408}, page_content='•\\nContinued volatility in the availability and prices for commodities and raw materials we use in our products and in our supply chain (such as cotton or petroleum derivatives) has\\nhad and could in the future have a material adverse effect on our costs, gross margins and profitability. In addition, supply chain issues caused by factors including the COVID-19\\npandemic and geopolitical conflicts have impacted and may continue to impact the availability, pricing and timing for obtaining commodities and raw materials.\\n•\\nIf retailers of our products experience declining revenues or experience difficulty obtaining financing in the capital and credit markets to purchase our products, this could result in\\nreduced orders for our products, order cancellations, late retailer payments, extended payment terms, higher accounts receivable, reduced cash flows, greater expense\\nassociated with collection efforts and increased bad debt expense.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 2281}, page_content='associated with collection efforts and increased bad debt expense.\\n•\\nIn the past, certain retailers of our products have experienced severe financial difficulty, become insolvent and ceased business operations, and this could occur in the future,\\nwhich could negatively impact the sale of our products to consumers.\\n•\\nIf contract manufacturers of our products or other participants in our supply chain experience difficulty obtaining financing in the capital and credit markets to purchase raw\\nmaterials or to finance capital equipment and other general working capital needs, it may result in delays or non-delivery of shipments of our products.\\nOur products, services and experiences face intense competition.\\nNIKE is a consumer products company and the relative popularity of various sports and fitness activities and changing design trends affect the demand for our products, services and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 2993}, page_content='NIKE is a consumer products company and the relative popularity of various sports and fitness activities and changing design trends affect the demand for our products, services and\\nexperiences. The athletic footwear, apparel and equipment industry is highly competitive both in the United States and worldwide. We compete internationally with a significant number\\nof athletic and leisure footwear companies, athletic and leisure apparel companies, sports equipment companies, private labels and large companies that have diversified lines of\\nathletic and leisure footwear, apparel and equipment. We also compete with other companies for the production capacity of contract manufacturers that produce our products. In\\naddition, we and our contract manufacturers compete with other companies and industries for raw materials used in our products. Our NIKE Direct operations, both through our digital'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 3710}, page_content='addition, we and our contract manufacturers compete with other companies and industries for raw materials used in our products. Our NIKE Direct operations, both through our digital\\ncommerce operations and retail stores, also compete with multi-brand retailers, which sell our products through their digital platforms and physical stores, and with digital commerce\\nplatforms. In addition, we compete with respect to the digital services and experiences we are able to offer our consumers, including fitness and activity apps; sport, fitness and\\nwellness content and services; and digital services and features in retail stores that enhance the consumer experience.\\nProduct offerings, technologies, marketing expenditures (including expenditures for advertising and endorsements), pricing, costs of production, customer service, digital commerce'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 4374}, page_content='Product offerings, technologies, marketing expenditures (including expenditures for advertising and endorsements), pricing, costs of production, customer service, digital commerce\\nplatforms, digital services and experiences and social media presence are areas of intense competition. These, in addition to ongoing rapid changes in technology, a reduction in\\nbarriers to the creation of new footwear and apparel companies and consumer preferences in the markets for athletic and leisure footwear, apparel, and equipment, services and\\nexperiences, constitute significant risk factors in our operations. In addition, the competitive nature of retail, including shifts in the ways in which consumers shop, and the continued\\nproliferation of digital commerce, constitutes a risk factor implicating our NIKE Direct and wholesale operations. If we do not adequately and timely anticipate and respond to our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 14, 'page_label': '15', 'start_index': 5094}, page_content='proliferation of digital commerce, constitutes a risk factor implicating our NIKE Direct and wholesale operations. If we do not adequately and timely anticipate and respond to our\\ncompetitors, our costs may increase, demand for our products may decline, possibly significantly, or we may need to reduce wholesale or suggested retail prices for our products.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 0}, page_content='Economic factors beyond our control, and changes in the global economic environment, including fluctuations in inflation and currency exchange rates, could result in\\nlower revenues, higher costs and decreased margins and earnings.\\nA majority of our products are manufactured and sold outside of the United States, and we conduct purchase and sale transactions in various currencies, which creates exposure to the\\nvolatility of global economic conditions, including fluctuations in inflation and foreign currency exchange rates. Central banks may deploy various strategies to combat inflation,\\nincluding increasing interest rates, which may impact our borrowing costs. Additionally, there has been, and may continue to be, volatility in currency exchange rates that impact the\\nU.S. Dollar value relative to other international currencies. Our international revenues and expenses generally are derived from sales and operations in foreign currencies, and these'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 776}, page_content=\"U.S. Dollar value relative to other international currencies. Our international revenues and expenses generally are derived from sales and operations in foreign currencies, and these\\nrevenues and expenses are affected by currency fluctuations, specifically amounts recorded in foreign currencies and translated into U.S. Dollars for consolidated financial reporting,\\nas weakening of foreign currencies relative to the U.S. Dollar adversely affects the U.S. Dollar value of the Company's foreign currency-denominated sales and earnings. Currency\\nexchange rate fluctuations could also disrupt the business of the independent manufacturers that produce our products by making their purchases of raw materials more expensive\\nand more difficult to finance. Foreign currency fluctuations have adversely affected and could continue to have an adverse effect on our results of operations and financial condition.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 1497}, page_content='and more difficult to finance. Foreign currency fluctuations have adversely affected and could continue to have an adverse effect on our results of operations and financial condition.\\nWe hedge certain foreign currency exposures to lessen and delay, but not to completely eliminate, the effects of foreign currency fluctuations on our financial results. Since the hedging\\nactivities are designed to lessen volatility, they not only reduce the negative impact of a stronger U.S. Dollar or other trading currency, but they also reduce the positive impact of a\\nweaker U.S. Dollar or other trading currency. Our future financial results have in the past been and could in the future be significantly affected by the value of the U.S. Dollar in relation\\nto the foreign currencies in which we conduct business. The degree to which our financial results are affected for any given time period will depend in part upon our hedging activities.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 2245}, page_content=\"to the foreign currencies in which we conduct business. The degree to which our financial results are affected for any given time period will depend in part upon our hedging activities.\\nWe may be adversely affected by the financial health of our wholesale customers.\\nWe extend credit to our customers based on an assessment of a customer's financial condition, generally without requiring collateral. To assist in the scheduling of production and the\\nshipping of our products, we offer certain customers the opportunity to place orders five to six months ahead of delivery under our futures ordering program. These advance orders\\nmay be canceled under certain conditions, and the risk of cancellation increases when dealing with financially unstable retailers or retailers struggling with economic uncertainty. In the\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 2875}, page_content='may be canceled under certain conditions, and the risk of cancellation increases when dealing with financially unstable retailers or retailers struggling with economic uncertainty. In the\\npast, some customers have experienced financial difficulties up to and including bankruptcies, which have had an adverse effect on our sales, our ability to collect on receivables and\\nour financial condition. When the retail economy weakens or as consumer behavior shifts, retailers tend to be more cautious with orders. A slowing or changing economy in our key\\nmarkets, including a recession, could adversely affect the financial health of our customers, which in turn could have an adverse effect on our results of operations and financial\\ncondition. In addition, product sales are dependent in part on high quality merchandising and an appealing retail environment to attract consumers, which requires continuing'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 3605}, page_content='condition. In addition, product sales are dependent in part on high quality merchandising and an appealing retail environment to attract consumers, which requires continuing\\ninvestments by retailers. Retailers that experience financial difficulties may fail to make such investments or delay them, resulting in lower sales and orders for our products.\\nClimate change and other sustainability-related matters, or legal, regulatory or market responses thereto, may have an adverse impact on our business and results of\\noperations.\\nThere are concerns that increased levels of carbon dioxide and other greenhouse gases in the atmosphere have caused, and may continue to cause, potentially at a growing rate,\\nincreases in global temperatures, changes in weather patterns and increasingly frequent and/or prolonged extreme weather and climate events. Climate change may also exacerbate'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 4309}, page_content='increases in global temperatures, changes in weather patterns and increasingly frequent and/or prolonged extreme weather and climate events. Climate change may also exacerbate\\nchallenges relating to the availability and quality of water and raw materials, including those used in the production of our products, and may result in changes in regulations or\\nconsumer preferences, which could in turn affect our business, operating results and financial condition. For example, there has been increased focus by governmental and non-\\ngovernmental organizations, consumers, customers, employees and other stakeholders on products that are sustainably made and other sustainability matters, including responsible\\nsourcing and deforestation, the use of plastic, energy and water, the recyclability or recoverability of packaging and materials transparency, any of which may require us to incur'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 5017}, page_content='sourcing and deforestation, the use of plastic, energy and water, the recyclability or recoverability of packaging and materials transparency, any of which may require us to incur\\nincreased costs for additional transparency, due diligence and reporting. In addition, federal, state or local governmental authorities in various countries have proposed, and are likely\\nto continue to propose, legislative and regulatory initiatives to reduce or mitigate the impacts of climate change on the environment. Various countries and regions are following\\ndifferent approaches to the regulation of climate change, which could increase the complexity of, and potential cost related to complying with, such regulations. Any of the foregoing\\nmay require us to make additional investments in facilities and equipment, may impact the availability and cost of key raw materials used in the production of our products or the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 15, 'page_label': '16', 'start_index': 5746}, page_content='may require us to make additional investments in facilities and equipment, may impact the availability and cost of key raw materials used in the production of our products or the\\ndemand for our products, and, in turn, may adversely impact our business, operating results and financial condition.\\nAlthough we have announced sustainability-related goals and targets, there can be no assurance that our stakeholders will agree with our strategies, and any perception, whether or\\nnot valid, that we have failed to achieve, or to act responsibly with respect to, such matters or to effectively respond to new or additional legal or regulatory requirements regarding\\nclimate change, could result in adverse publicity and adversely affect our business and reputation. Execution of these strategies and achievement of our goals is subject to risks and\\nuncertainties, many of which are outside of our control. These risks and uncertainties include, but are not'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 0}, page_content='limited to, our ability to execute our strategies and achieve our goals within the currently projected costs and the expected timeframes; the availability and cost of raw materials and\\nrenewable energy; unforeseen production, design, operational and technological difficulties; the outcome of research efforts and future technology developments, including the ability to\\nscale projects and technologies on a commercially competitive basis such as carbon sequestration and/or other related processes; compliance with, and changes or additions to,\\nglobal and regional regulations, taxes, charges, mandates or requirements relating to greenhouse gas emissions, carbon costs or climate-related goals; adapting products to customer\\npreferences and customer acceptance of sustainable supply chain solutions; and the actions of competitors and competitive pressures. As a result, there is no assurance that we will'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 727}, page_content='preferences and customer acceptance of sustainable supply chain solutions; and the actions of competitors and competitive pressures. As a result, there is no assurance that we will\\nbe able to successfully execute our strategies and achieve our sustainability-related goals, which could damage our reputation and customer and other stakeholder relationships and\\nhave an adverse effect on our business, results of operations and financial condition.\\nExtreme weather conditions and natural disasters could negatively impact our operating results and financial condition.\\nGiven the broad and global scope of our operations, we are particularly vulnerable to the physical risks of climate change, such as shifts in weather patterns. Extreme weather\\nconditions in the areas in which our retail stores, suppliers, manufacturers, customers, distribution centers, offices, headquarters and vendors are located could adversely affect our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 1471}, page_content='conditions in the areas in which our retail stores, suppliers, manufacturers, customers, distribution centers, offices, headquarters and vendors are located could adversely affect our\\noperating results and financial condition. Moreover, natural disasters such as earthquakes, hurricanes, wildfires, tsunamis, floods or droughts, whether occurring in the United States or\\nabroad, and their related consequences and effects, including energy shortages and public health issues, have in the past temporarily disrupted, and could in the future disrupt, our\\noperations, the operations of our vendors, manufacturers and other suppliers or have in the past resulted in, and in the future could result in, economic instability that may negatively\\nimpact our operating results and financial condition. In particular, if a natural disaster or severe weather event were to occur in an area in which we or our suppliers, manufacturers,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 2210}, page_content=\"impact our operating results and financial condition. In particular, if a natural disaster or severe weather event were to occur in an area in which we or our suppliers, manufacturers,\\nemployees, customers, distribution centers or vendors are located, our continued success would depend, in part, on the safety and availability of the relevant personnel and facilities\\nand proper functioning of our or third parties' computer, network, telecommunication and other systems and operations. In addition, a natural disaster or severe weather event could\\nnegatively impact retail traffic to our stores or stores that carry our products and could have an adverse impact on consumer spending, any of which could in turn result in negative\\npoint-of-sale trends for our merchandise. Further, climate change may increase both the frequency and severity of extreme weather conditions and natural disasters, which may affect\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 2942}, page_content='point-of-sale trends for our merchandise. Further, climate change may increase both the frequency and severity of extreme weather conditions and natural disasters, which may affect\\nour business operations, either in a particular region or globally, as well as the activities of our third-party vendors and other suppliers, manufacturers and customers. We believe the\\ndiversity of locations in which we operate, our operational size, disaster recovery and business continuity planning and our information technology systems and networks, including the\\nInternet and third-party services (\"Information Technology Systems\"), position us well, but may not be sufficient for all or for concurrent eventualities. If we were to experience a local or\\nregional disaster or other business continuity event or concurrent events, we could experience operational challenges, in particular depending upon how a local or regional event may'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 3684}, page_content='regional disaster or other business continuity event or concurrent events, we could experience operational challenges, in particular depending upon how a local or regional event may\\naffect our human capital across our operations or with regard to particular aspects of our operations, such as key executive officers or personnel. For example, our world headquarters\\nis located in an active seismic zone, which is at a higher risk for earthquakes and the related consequences or effects. Further, if we are unable to find alternative suppliers, replace\\ncapacity at key manufacturing or distribution locations or quickly repair damage to our Information Technology Systems or supply systems, we could be late in delivering, or be unable\\nto deliver, products to our customers. These events could result in reputational damage, lost sales, cancellation charges or markdowns, all of which could have an adverse effect on\\nour business, results of operations and financial condition.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 4600}, page_content='our business, results of operations and financial condition.\\nOur financial condition and results of operations have been, and could in the future be, adversely affected by a pandemic, epidemic or other public health emergency.\\nPandemics, including the COVID-19 pandemic, and other public health emergencies, and preventative measures taken to contain or mitigate such crises have caused, and may in the\\nfuture cause, business slowdown or shutdown in affected areas and significant disruption in the financial markets, both globally and in the United States. These events have led to and\\ncould again lead to adverse impacts to our global supply chain, factory cancellation costs, store closures, and a decline in retail traffic and discretionary spending by consumers and, in\\nturn, materially impact our business, sales, financial condition and results of operations as well as cause a volatile effective tax rate driven by changes in the mix of earnings across our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 5375}, page_content='turn, materially impact our business, sales, financial condition and results of operations as well as cause a volatile effective tax rate driven by changes in the mix of earnings across our\\njurisdictions. We cannot predict whether, and to what degree, our sales, operations and financial results could in the future be affected by the pandemic and preventative measures.\\nRisks presented by pandemics and other public health emergencies include, but are not limited to:\\n•\\nDeterioration in economic conditions in the United States and globally, including the effect of prolonged periods of inflation on our consumers and vendors;\\n•\\nDisruption to our distribution centers, contract manufacturers, finished goods factories and other vendors, through the effects of facility closures, increased operating costs,\\nreductions in operating hours, labor shortages, and real time changes in operating procedures, such as additional cleaning and disinfection procedures, which have had, and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 16, 'page_label': '17', 'start_index': 6182}, page_content='reductions in operating hours, labor shortages, and real time changes in operating procedures, such as additional cleaning and disinfection procedures, which have had, and\\ncould in the future again have, a significant impact on our planned inventory production and distribution, including higher inventory levels or inventory shortages in various\\nmarkets;'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 0}, page_content=\"•\\nImpacts to our distribution and logistics providers' ability to operate, including labor and container shortages, and increases in their operating costs. These supply chain effects\\nhave had, and could in the future have, an adverse effect on our ability to meet consumer demand, including digital demand, and have in the past resulted in and could in the\\nfuture result in extended inventory transit times and an increase in our costs of production and distribution, including increased freight and logistics costs and other expenses;\\n•\\nDecreased retail traffic as a result of store closures, reduced operating hours, social distancing restrictions and/or changes in consumer behavior;\\n•\\nReduced consumer demand for our products, including as a result of a rise in unemployment rates, higher costs of borrowing, inflation and diminished consumer confidence;\\n•\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 687}, page_content='•\\nReduced consumer demand for our products, including as a result of a rise in unemployment rates, higher costs of borrowing, inflation and diminished consumer confidence;\\n•\\nCancellation or postponement of sports seasons and sporting events in multiple countries, and bans on large public gatherings, which have reduced and in the future could\\nreduce consumer spending on our products and could impact the effectiveness of our arrangements with key endorsers;\\n•\\nThe risk that any safety protocols in NIKE-owned or affiliated facilities, including our offices, will not be effective or not be perceived as effective, or that any virus-related illnesses\\nwill be linked or alleged to be linked to such facilities, whether accurate or not;\\n•\\nIncremental costs resulting from the adoption of preventative measures and compliance with regulatory requirements, including providing facial coverings and hand sanitizer,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 1423}, page_content='•\\nIncremental costs resulting from the adoption of preventative measures and compliance with regulatory requirements, including providing facial coverings and hand sanitizer,\\nrearranging operations to follow social distancing protocols, conducting temperature checks, testing and undertaking regular and thorough disinfecting of surfaces;\\n•\\nBankruptcies or other financial difficulties facing our wholesale customers, which could cause them to be unable to make or delay making payments to us, or result in revised\\npayment terms, cancellation or reduction of their orders; and\\n•\\nSignificant disruption of and volatility in global financial markets, which could have a negative impact on our ability to access capital in the future.\\nWe cannot reasonably predict the ultimate impact of any pandemic or public health emergency, including the extent of any adverse impact on our business, results of operations and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 2155}, page_content='We cannot reasonably predict the ultimate impact of any pandemic or public health emergency, including the extent of any adverse impact on our business, results of operations and\\nfinancial condition, which will depend on, among other things, the duration and spread of the pandemic or public health emergency, the impact of governmental regulations that have\\nbeen, and may continue to be, imposed in response, the effectiveness of actions taken to contain or mitigate the outbreak, the availability, safety and efficacy of vaccines, including\\nagainst emerging variants of the infectious disease, and global economic conditions. Additionally, disruptions have in the past made it more challenging to compare our performance,\\nincluding our revenue growth and overall profitability, across quarters and fiscal years, and could have this effect in the future. Any pandemic or public health emergency may also'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 2879}, page_content='including our revenue growth and overall profitability, across quarters and fiscal years, and could have this effect in the future. Any pandemic or public health emergency may also\\naffect our business, results of operations or financial condition in a manner that is not presently known to us or that we currently do not consider to present significant risks and may\\nalso exacerbate, or occur concurrently with, other risks discussed in this Item 1A. Risk Factors, any of which could have a material effect on us.\\nBusiness and Operational Risks\\nFailure to maintain our reputation, brand image and culture could negatively impact our business.\\nOur iconic brands have worldwide recognition, and our success depends on our ability to maintain and enhance our brand image and reputation. Maintaining, promoting and growing\\nour brands will depend on our design and marketing efforts, including advertising and consumer campaigns, product innovation and product quality. Our commitment to product'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 3698}, page_content='our brands will depend on our design and marketing efforts, including advertising and consumer campaigns, product innovation and product quality. Our commitment to product\\ninnovation, quality and sustainability, and our continuing investment in design (including materials), marketing and sustainability measures may not have the desired impact on our\\nbrand image and reputation. In addition, our success in maintaining, extending and expanding our brand image depends on our ability to adapt to a rapidly changing media and digital\\nenvironment, including our reliance on social media and other digital advertising networks, and digital dissemination of advertising campaigns on our digital platforms and through our\\ndigital experiences and products. We could be adversely impacted if we fail to achieve any of these objectives.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 4415}, page_content='digital experiences and products. We could be adversely impacted if we fail to achieve any of these objectives.\\nOur brand value also depends on our ability to maintain a positive consumer perception of our corporate integrity, purpose and brand culture. Negative claims or publicity involving us,\\nour culture and values, our products, services and experiences, consumer data, or any of our key employees, endorsers, sponsors, suppliers or partners could seriously damage our\\nreputation and brand image, regardless of whether such claims are accurate. For example, while we require our suppliers of our products to operate their business in compliance with\\napplicable laws and regulations, we do not control their practices. Negative publicity relating to a violation or an alleged violation of policies or laws by such suppliers could damage our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 17, 'page_label': '18', 'start_index': 5071}, page_content='applicable laws and regulations, we do not control their practices. Negative publicity relating to a violation or an alleged violation of policies or laws by such suppliers could damage our\\nbrand image and diminish consumer trust in our brand. Further, our reputation and brand image could be damaged as a result of our support of, association with or lack of support or\\ndisapproval of certain social causes, as well as any decisions we make to continue to conduct, or change, certain of our activities in response to such considerations. Social media,\\nwhich accelerates and potentially amplifies the scope of negative publicity, can increase the challenges of responding to negative claims. Adverse publicity about regulatory or legal\\naction against us, or by us, could also damage our reputation and brand image, undermine consumer confidence in us and reduce long-term demand for our products, even if the\\nregulatory or legal action is unfounded or not material to our operations. If'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 0}, page_content='the reputation, culture or image of any of our brands is tarnished or if we receive negative publicity, then our sales, financial condition and results of operations could be materially and\\nadversely affected.\\nOur business is affected by seasonality, which could result in fluctuations in our operating results.\\nWe experience moderate fluctuations in aggregate sales volume during the year. Historically, revenues in the first and fourth fiscal quarters have slightly exceeded those in the second\\nand third fiscal quarters. However, the mix of product sales may vary considerably from time to time or in the future as a result of strategic shifts in our business and seasonal or\\ngeographic demand for particular types of footwear, apparel and equipment and in connection with the timing of significant sporting events, such as the NBA Finals, Olympics or the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 679}, page_content='geographic demand for particular types of footwear, apparel and equipment and in connection with the timing of significant sporting events, such as the NBA Finals, Olympics or the\\nWorld Cup, among others. In addition, our customers may cancel orders, change delivery schedules or change the mix of products ordered with minimal notice. As a result, we may\\nnot be able to accurately predict our quarterly sales. Accordingly, our results of operations are likely to fluctuate significantly from period to period. This seasonality, along with other\\nfactors that are beyond our control, including economic conditions, changes in consumer preferences, weather conditions, outbreaks of disease, social or political unrest, availability of\\nimport quotas, transportation disruptions and currency exchange rate fluctuations, has in the past adversely affected and could in the future adversely affect our business and cause'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 1412}, page_content='import quotas, transportation disruptions and currency exchange rate fluctuations, has in the past adversely affected and could in the future adversely affect our business and cause\\nour results of operations to fluctuate. Our operating margins are also sensitive to a number of additional factors that are beyond our control, including manufacturing and transportation\\ncosts, shifts in product sales mix and geographic sales trends, all of which we expect to continue. Results of operations in any period should not be considered indicative of the results\\nto be expected for any future period.\\nIf we are unable to anticipate consumer preferences and develop new products, we may not be able to maintain or increase our revenues and profits.\\nOur success depends on our ability to identify, originate and define product trends as well as to anticipate, gauge and react to changing consumer demands in a timely manner.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 2153}, page_content='Our success depends on our ability to identify, originate and define product trends as well as to anticipate, gauge and react to changing consumer demands in a timely manner.\\nHowever, lead times for many of our products may make it more difficult for us to respond rapidly to new or changing product trends or consumer preferences. All of our products are\\nsubject to changing consumer preferences that cannot be predicted with certainty. Our new products may not receive consumer acceptance as consumer preferences could shift\\nrapidly to different types of performance products or away from these types of products altogether, and our future success depends in part on our ability to anticipate and respond to\\nthese changes. If we fail to anticipate accurately and respond to trends and shifts in consumer preferences by adjusting the mix of existing product offerings, developing new products,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 2863}, page_content='these changes. If we fail to anticipate accurately and respond to trends and shifts in consumer preferences by adjusting the mix of existing product offerings, developing new products,\\ndesigns, styles and categories, and influencing sports and fitness preferences through extensive marketing, we could experience lower sales, excess inventories or lower profit\\nmargins, any of which could have an adverse effect on our results of operations and financial condition. In addition, we market our products globally through a diverse spectrum of\\nadvertising and promotional programs and campaigns, including social media and other digital advertising networks. If we do not successfully market our products or if advertising and\\npromotional costs increase, these factors could have an adverse effect on our business, financial condition and results of operations.\\nWe rely on technical innovation and high-quality products to compete in the market for our products.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 3722}, page_content='We rely on technical innovation and high-quality products to compete in the market for our products.\\nTechnical innovation and quality control in the design and manufacturing processes of footwear, apparel, equipment and other products and services are essential to the commercial\\nsuccess of our products and development of new products. Research and development play a key role in technical innovation. We rely upon specialists in the fields of biomechanics,\\nchemistry, exercise physiology, engineering, digital technologies, industrial design, sustainability and related fields, as well as research committees and advisory boards made up of\\nathletes, coaches, trainers, equipment managers, orthopedists, podiatrists and other experts to develop and test cutting-edge performance products. While we strive to produce\\nproducts that help to enhance athletic performance and reduce injury and maximize comfort, if we fail to introduce technical innovation in our products, consumer demand for our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 4539}, page_content='products that help to enhance athletic performance and reduce injury and maximize comfort, if we fail to introduce technical innovation in our products, consumer demand for our\\nproducts could decline, and if we experience problems with the quality of our products, we may incur substantial expense to remedy the problems and loss of consumer confidence.\\nFailure to continue to obtain or maintain high-quality endorsers of our products could harm our business.\\nWe establish relationships with professional athletes, sports teams and leagues, as well as other public figures, including artists, designers and influencers, to develop, evaluate and\\npromote our products, as well as establish product authenticity with consumers. However, as competition in our industry has increased, the costs associated with establishing and\\nretaining such sponsorships and other relationships have increased, and competition to attract and retain high-quality endorsers has increased. If we are unable to maintain our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 5362}, page_content='retaining such sponsorships and other relationships have increased, and competition to attract and retain high-quality endorsers has increased. If we are unable to maintain our\\ncurrent associations with professional athletes, sports teams and leagues, or other public figures, or to do so at a reasonable cost, we could lose the high visibility or on-field\\nauthenticity associated with our products, and we may be required to modify and substantially increase our marketing investments. As a result, our brands, net revenues, expenses\\nand profitability could be harmed.\\nFurthermore, if certain endorsers were to stop using our products contrary to their endorsement agreements, our business could be adversely affected. In addition, actions taken or\\nstatements made by athletes, teams or leagues, or other endorsers, associated with our products or brand that harm the reputations of those athletes, teams or leagues, or'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 18, 'page_label': '19', 'start_index': 6112}, page_content='statements made by athletes, teams or leagues, or other endorsers, associated with our products or brand that harm the reputations of those athletes, teams or leagues, or\\nendorsers, or our decisions to cease collaborating with certain endorsers in light of actions taken or statements made by them, have in the past harmed and could in the future\\nseriously harm our brand image with consumers and, as a result, could have an adverse effect on'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 0}, page_content='our sales and financial condition. Poor or non-performance by our endorsers, a failure to continue to correctly identify promising athletes, public figures or sports organizations, to use\\nand endorse our products and brand or a failure to enter into cost-effective endorsement arrangements with prominent athletes, public figures and sports organizations could adversely\\naffect our brand, sales and profitability.\\nFailure to accurately forecast consumer demand could lead to excess inventories or inventory shortages, which could result in decreased operating margins, reduced\\ncash flows and harm to our business.\\nTo meet anticipated demand for our products, we purchase products from manufacturers outside of our futures ordering program and in advance of customer orders, which we hold in\\ninventory and resell to customers. There is a risk we may be unable to sell excess products ordered from manufacturers. Inventory levels in excess of customer demand may result in'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 791}, page_content='inventory and resell to customers. There is a risk we may be unable to sell excess products ordered from manufacturers. Inventory levels in excess of customer demand may result in\\ninventory write-downs, and the sale of excess inventory at discounted prices could significantly impair our brand image and have an adverse effect on our operating results, financial\\ncondition and cash flows. Conversely, if we underestimate consumer demand for our products or if our manufacturers fail to supply products we require at the time we need them, we\\nmay experience inventory shortages. Inventory shortages could delay shipments to customers, negatively impact retailer, distributor and consumer relationships and diminish brand\\nloyalty. The difficulty in forecasting demand also makes it difficult to estimate our future results of operations, financial condition and cash flows from period to period. A failure to'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 1511}, page_content='loyalty. The difficulty in forecasting demand also makes it difficult to estimate our future results of operations, financial condition and cash flows from period to period. A failure to\\naccurately predict the level of demand for our products could adversely affect our net revenues and net income, and we are unlikely to forecast such effects with any certainty in\\nadvance.\\nOur NIKE Direct operations have required and will continue to require a substantial investment and commitment of resources and are subject to numerous risks and\\nuncertainties.\\nOur NIKE Direct operations, including our retail stores and digital platforms, have required and will continue to require significant investment. Our NIKE Direct stores have required and\\nwill continue to require substantial fixed investment in equipment and leasehold improvements and personnel. We have entered into substantial operating lease commitments for retail'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 2249}, page_content='will continue to require substantial fixed investment in equipment and leasehold improvements and personnel. We have entered into substantial operating lease commitments for retail\\nspace. Certain stores have been designed and built to serve as high-profile venues to promote brand awareness and marketing activities and to integrate with our digital platforms.\\nBecause of their unique design and technological elements, locations and size, these stores require substantially more investment than other stores. Due to the high fixed-cost\\nstructure associated with our NIKE Direct retail stores, a decline in sales, a shift in consumer behavior away from brick-and-mortar retail, or the closure, temporary or otherwise, or\\npoor performance of individual or multiple stores could result in significant lease termination costs, write-offs of equipment and leasehold improvements and employee-related costs.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 2970}, page_content='poor performance of individual or multiple stores could result in significant lease termination costs, write-offs of equipment and leasehold improvements and employee-related costs.\\nMany factors unique to retail operations, some of which are beyond our control, pose risks and uncertainties. Risks include, but are not limited to: credit card fraud; mismanagement of\\nexisting retail channel partners; inability to manage costs associated with store construction and operation; and theft.\\nIn addition, \\nwe have made significant investments in digital technologies and information systems for the digital aspect of our NIKE Direct operations, and our digital offerings will\\nrequire co\\nntinued investment in the development and upgrading of our technology platforms.\\n \\nIn order to deliver high-quality digital experiences, our digital platforms must be designed'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 3642}, page_content='require co\\nntinued investment in the development and upgrading of our technology platforms.\\n \\nIn order to deliver high-quality digital experiences, our digital platforms must be designed\\neffectively and work well with a range of other technologies, systems, networks, and standards that we do not control. We may not be successful in developing platforms that operate\\neffectively with these technologies, systems, networks or standards. A growing portion of consumers access our NIKE Direct digital platforms, but in the event that it is more difficult for\\nconsumers to access and use our digital platforms, consumers find that our digital platforms do not effectively meet their needs or expectations or consumers choose not to access or\\nuse our digital platforms or use devices that do not offer access to our platforms, the success of our NIKE Direct operations could be adversely impacted. Our competitors may'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 4381}, page_content=\"use our digital platforms or use devices that do not offer access to our platforms, the success of our NIKE Direct operations could be adversely impacted. Our competitors may\\ndevelop, or have already developed, digital experiences, features, content, services or technologies that are similar to ours or that achieve greater acceptance. \\nWe may not realize a satisfactory return on our investment in our NIKE Direct operations and management's attention from our other business opportunities could be diverted, which\\ncould have an adverse effect on our business, financial condition or results of operations.\\nIf the technology-based systems that give our consumers the ability to shop or interact with us online do not function effectively, our operating results, as well as our\\nability to grow our digital commerce business globally or to retain our customer base, could be materially adversely affected.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 5160}, page_content='ability to grow our digital commerce business globally or to retain our customer base, could be materially adversely affected.\\nMany of our consumers shop with us through our digital platforms. Increasingly, consumers are using mobile-based devices and applications to shop online with us and with our\\ncompetitors, and to do comparison shopping, as well as to engage with us and our competitors through digital services and experiences that are offered on mobile platforms. We use\\nsocial media and proprietary mobile applications to interact with our consumers and as a means to enhance their shopping experience. Any failure on our part to provide attractive,\\neffective, reliable, secure and user-friendly digital commerce platforms that offer a wide assortment of merchandise with rapid delivery options and that continually meet the changing'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 19, 'page_label': '20', 'start_index': 5820}, page_content='effective, reliable, secure and user-friendly digital commerce platforms that offer a wide assortment of merchandise with rapid delivery options and that continually meet the changing\\nexpectations of online shoppers or any failure to provide attractive digital experiences to our customers could place us at a competitive disadvantage, result in the loss of digital\\ncommerce and other sales, harm our reputation with consumers, have a material adverse impact on the growth of our digital commerce business globally and have a material adverse\\nimpact on our business and results of operations. In'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 0}, page_content=\"addition, as use of our digital platforms continues to grow, we will need an increasing amount of technical infrastructure to continue to satisfy our consumers' needs. If we fail to\\ncontinue to effectively scale and adapt our digital platforms to accommodate increased consumer demand, our business may be subject to interruptions, delays or failures and\\nconsumer demand for our products and digital experiences could decline.\\nRisks specific to our digital commerce business also include diversion of sales from our and our retailers' brick and mortar stores, difficulty in recreating the in-store experience through\\ndirect channels and liability for online content. Our failure to successfully respond to these risks might adversely affect sales in our digital commerce business, as well as damage our\\nreputation and brands.\\nWe rely significantly on information technology to operate our business, including our supply chain and retail operations, and any failure, inadequacy or interruption of\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 803}, page_content='reputation and brands.\\nWe rely significantly on information technology to operate our business, including our supply chain and retail operations, and any failure, inadequacy or interruption of\\nthat technology could harm our ability to effectively operate our business.\\nWe are heavily dependent on Information Technology Systems, across our supply chain, including product design, production, forecasting, ordering, manufacturing, transportation,\\nsales and distribution, as well as for processing financial information for external and internal reporting purposes, retail operations and other business activities. Information Technology\\nSystems are critical to many of our operating activities and our business processes and may be negatively impacted by any service interruption or shutdown. For example, our ability\\nto effectively manage and maintain our inventory and to ship products to customers on a timely basis depends significantly on the reliability of these Information Technology Systems.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 1620}, page_content='to effectively manage and maintain our inventory and to ship products to customers on a timely basis depends significantly on the reliability of these Information Technology Systems.\\nOver a number of years, we have implemented Information Technology Systems in all of the geographical regions in which we operate. Our work to integrate, secure and enhance\\nthese systems and related processes in our global operations is ongoing and NIKE will continue to invest in these efforts. We cannot provide assurance, however, that the measures\\nwe take to secure and enhance these systems will be sufficient to protect our Information Technology Systems and prevent cyber-attacks, system failures or data or information loss.\\nThe failure of these systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 2336}, page_content='The failure of these systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other\\ncauses, failure to properly maintain, protect, repair or upgrade systems, or problems with transitioning to upgraded or replacement systems could cause delays in product fulfillment\\nand reduced efficiency of our operations, could require significant capital investments to remediate the problem which may not be sufficient to cover all eventualities, and may have an\\nadverse effect on our reputation, results of operations and financial condition. In addition, the use of employee-owned devices for communications as well as hybrid work\\narrangements, present additional operational risks to our Information Technology Systems, including, but not limited to, increased risks of cyber-attacks. Further, like other companies'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 3055}, page_content='arrangements, present additional operational risks to our Information Technology Systems, including, but not limited to, increased risks of cyber-attacks. Further, like other companies\\nin the retail industry, we have in the past experienced, and we expect to continue to experience, cyber-attacks, including phishing, and other attempts to breach, or gain unauthorized\\naccess to, our systems. To date, these attacks have not had a material impact on our operations, but we cannot provide assurance that they will not have an impact in the future.\\nWe also use Information Technology Systems to process financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting,\\nlegal and tax requirements. From time to time, we have expended, and expect to continue to expend, significant resources to modify, update and enhance our Information Technology'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 3787}, page_content='legal and tax requirements. From time to time, we have expended, and expect to continue to expend, significant resources to modify, update and enhance our Information Technology\\nSystems and to investigate and remediate vulnerabilities or other exposures. These modifications, updates and enhancements may cost more than initially expected and may not be\\neffective in preventing issues and disruptions. Moreover, due to the complexity of our Information Technology Systems, the process of implementing modifications or enhancements\\ncan itself create a risk of systems disruptions and security issues. If Information Technology Systems suffer severe damage, disruption or shutdown and our business continuity plans,\\nor those of our vendors, do not effectively resolve the issues in a timely manner, we could experience delays in reporting our financial results, which could result in lost revenues and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 4501}, page_content='or those of our vendors, do not effectively resolve the issues in a timely manner, we could experience delays in reporting our financial results, which could result in lost revenues and\\nprofits, as well as reputational damage. Furthermore, we depend on Information Technology Systems and personal data collection for digital marketing, digital commerce, consumer\\nengagement and the marketing and use of our digital products and services. We also rely on our ability to engage in electronic communications throughout the world between and\\namong our employees as well as with other third parties, including customers, suppliers, vendors and consumers. Any interruption in Information Technology Systems may impede our\\nability to engage in the digital space and result in lost revenues, damage to our reputation, and loss of users.\\nWe are subject to the risk our licensees may not generate expected sales or maintain the value of our brands.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 5330}, page_content='We are subject to the risk our licensees may not generate expected sales or maintain the value of our brands.\\nWe currently license, and expect to continue licensing, certain of our proprietary rights, such as trademarks or copyrighted material, to third parties. If our licensees fail to successfully\\nmarket and sell licensed products, or fail to obtain sufficient capital or effectively manage their business operations, customer relationships, labor relationships, supplier relationships or\\ncredit risks, it could adversely affect our revenues, both directly from reduced royalties received and indirectly from reduced sales of our other products.\\nWe also rely on our licensees to help preserve the value of our brands. Although we attempt to protect our brands through approval rights over the design, production processes,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 20, 'page_label': '21', 'start_index': 5980}, page_content='We also rely on our licensees to help preserve the value of our brands. Although we attempt to protect our brands through approval rights over the design, production processes,\\nquality, packaging, merchandising, distribution, advertising and promotion of our licensed products, we cannot completely control the use of our licensed brands by our licensees. The\\nmisuse of a brand by or negative publicity involving a licensee could have a material adverse effect on that brand and on us.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 0}, page_content='Consolidation of retailers or concentration of retail market share among a few retailers may increase and concentrate our credit risk and impair our ability to sell\\nproducts.\\nThe athletic footwear, apparel and equipment retail markets in some countries are dominated by a few large athletic footwear, apparel and equipment retailers with many stores and\\naccelerating digital commerce capabilities. The market shares of these retailers may increase through acquisitions and construction of additional stores and investments in digital\\ncapacity, and as a result of attrition as struggling retailers exit the market. Consolidation of our retailers will concentrate our credit risk with a smaller set of retailers, any of whom may\\nexperience declining sales or a shortage of liquidity. In addition, increasing market share concentration among a few retailers in a particular country or region increases the risk that if'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 727}, page_content='experience declining sales or a shortage of liquidity. In addition, increasing market share concentration among a few retailers in a particular country or region increases the risk that if\\nany one of them substantially reduces their purchases of our products, we may be unable to find sufficient retail outlets for our products to sustain the same level of sales and\\nrevenues.\\nIf one or more of our counterparty financial institutions default on their obligations to us or fail, we may incur significant losses.\\nAs part of our hedging activities, we enter into transactions involving derivative financial instruments, which may include forward contracts, commodity futures contracts, option\\ncontracts, collars and swaps with various financial institutions. In addition, we have significant amounts of cash, cash equivalents and other investments on deposit or in accounts with'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 1418}, page_content=\"contracts, collars and swaps with various financial institutions. In addition, we have significant amounts of cash, cash equivalents and other investments on deposit or in accounts with\\nbanks or other financial institutions in the United States and abroad. As a result, we are exposed to the risk of default by or failure of counterparty financial institutions. The risk of\\ncounterparty default or failure may be heightened during economic downturns and periods of uncertainty in the financial markets. If one of our counterparties were to become insolvent\\nor file for bankruptcy, our ability to recover losses incurred as a result of default, or our assets deposited or held in accounts with such counterparty, may be limited by the\\ncounterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings. In the event of default or failure of one or more of our counterparties, we could incur\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 2152}, page_content=\"counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings. In the event of default or failure of one or more of our counterparties, we could incur\\nsignificant losses, which could negatively impact our results of operations and financial condition.\\nWe rely on a concentrated source base of contract manufacturers to supply a significant portion of our footwear products.\\nAs of May 31, 2023, our contract manufacturers operated 123 finished goods footwear factories located in 11 countries. We rely upon contract manufacturers, which we do not own or\\noperate, to manufacture all of the footwear products we sell. For fiscal 2023, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in\\nthe aggregate accounted for approximately 58% of NIKE Brand footwear production. Our ability to meet our customers' needs depends on our ability to maintain a steady supply of\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 2924}, page_content=\"the aggregate accounted for approximately 58% of NIKE Brand footwear production. Our ability to meet our customers' needs depends on our ability to maintain a steady supply of\\nproducts from our contract manufacturers. If one or more of our significant suppliers were to sever their relationship with us or significantly alter the terms of our relationship, including\\ndue to changes in applicable trade policies, or be unable to perform, we may not be able to obtain replacement products in a timely manner, which could have a material adverse effect\\non our business operations, sales, financial condition or results of operations. Additionally, if any of our primary footwear contract manufacturers fail to make timely shipments, do not\\nmeet our quality standards or otherwise fail to deliver us product in accordance with our plans, there could be a material adverse effect on our results of operations.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 3661}, page_content='meet our quality standards or otherwise fail to deliver us product in accordance with our plans, there could be a material adverse effect on our results of operations.\\nCertain of our footwear contract manufacturers are highly specialized and only produce a specific type of product. Such contract manufacturers may go out of business if consumer\\npreferences or market conditions change such that there is no longer sufficient demand for the types of products they produce. If, in the future, the relevant products are again in\\ndemand and the specialized contract manufacturers no longer exist, we may not be able to locate replacement facilities to manufacture certain footwear products in a timely manner or\\nat all, which could have a material adverse effect on our sales, financial condition or results of operations.\\nThe market for prime real estate is competitive.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 4370}, page_content='at all, which could have a material adverse effect on our sales, financial condition or results of operations.\\nThe market for prime real estate is competitive.\\nOur ability to effectively obtain real estate to open new retail stores and otherwise conduct our operations, both domestically and internationally, depends on the availability of real\\nestate that meets our criteria for traffic, square footage, co-tenancies, lease economics, demographics and other factors. We also must be able to effectively renew our existing real\\nestate leases. In addition, from time to time, we seek to downsize, consolidate, reposition or close some of our real estate locations, which may require modification of an existing\\nlease. Failure to secure adequate new locations or successfully modify leases for existing locations, or failure to effectively manage the profitability of our existing fleet of retail stores,\\ncould have an adverse effect on our operating results and financial condition.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 21, 'page_label': '22', 'start_index': 5273}, page_content='could have an adverse effect on our operating results and financial condition.\\nAdditionally, the economic environment may make it difficult to determine the fair market rent of real estate properties domestically and internationally. This could impact the quality of\\nour decisions to exercise lease options at previously negotiated rents and to renew expiring leases at negotiated rents. Any adverse effect on the quality of these decisions could\\nimpact our ability to retain real estate locations adequate to meet our targets or efficiently manage the profitability of our existing fleet of stores, which could have an adverse effect on\\nour operating results and financial condition.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 0}, page_content='The success of our business depends, in part, on high-quality employees, including key personnel as well as our ability to maintain our workplace culture and values.\\nOur success depends in part on the continued service of high-quality employees, including key executive officers and personnel. The loss of the services of key individuals, or any\\nnegative perception with respect to these individuals, or our workplace culture or values, could harm our business. Our success also depends on our ability to recruit, retain and\\nengage our personnel sufficiently, both to maintain our current business and to execute our strategic initiatives. Competition for employees in our industry is intense and we may not be\\nsuccessful in attracting and retaining such personnel. Changes to our current and future work models may not meet the needs or expectations of our employees or may not be'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 711}, page_content=\"successful in attracting and retaining such personnel. Changes to our current and future work models may not meet the needs or expectations of our employees or may not be\\nperceived as favorable compared to other companies' policies, which could negatively impact our ability to attract, hire and retain our employees. In addition, shifts in U.S. immigration\\npolicy could negatively impact our ability to attract, hire and retain highly skilled employees who are from outside the United States. W\\ne also believe that our corporate culture has been\\na key driver of our success, and we have invested substantial time and resources in building, maintaining and evolving our culture. Any failure to preserve and evolve our culture could\\nnegatively affect our future success, including our ability to retain and recruit employees.\\nOur business operations and financial performance could be adversely affected by changes in our relationship with our workforce or changes to United States or foreign\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 1536}, page_content=\"Our business operations and financial performance could be adversely affected by changes in our relationship with our workforce or changes to United States or foreign\\nemployment regulations.\\nWe have significant exposure to changes in domestic and foreign laws governing our relationships with our workforce, including wage and hour laws and regulations, fair labor\\nstandards, minimum wage requirements, overtime pay, unemployment tax rates, workers' compensation rates, citizenship requirements and payroll taxes, which could have a direct\\nimpact on our operating costs. A significant increase in minimum wage or overtime rates in countries where we have workforce could have a significant impact on our operating costs\\nand may require that we relocate those operations or take other steps to mitigate such increases, all of which may cause us to incur additional costs. There is also a risk of potential\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 2256}, page_content='and may require that we relocate those operations or take other steps to mitigate such increases, all of which may cause us to incur additional costs. There is also a risk of potential\\nclaims that we have violated laws related to discrimination and harassment, health and safety, wage and hour laws, criminal activity, personal injury and other claims. In addition, if\\nthere were a significant increase in the number of members of our workforce who are members of labor organizations or become parties to collective bargaining agreements, we could\\nbe vulnerable to a strike, work stoppage or other labor action, which could have an adverse effect on our business.\\nRisks Related to Operating a Global Business\\nOur international operations involve inherent risks which could result in harm to our business.\\nNearly all of our athletic footwear and apparel is manufactured outside of the United States, and the majority of our products are sold outside of the United States. Accordingly, we are'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 3061}, page_content='Nearly all of our athletic footwear and apparel is manufactured outside of the United States, and the majority of our products are sold outside of the United States. Accordingly, we are\\nsubject to the risks generally associated with global trade and doing business abroad, which include foreign laws and regulations, varying consumer preferences across geographic\\nregions, political tensions, unrest, disruptions or delays in cross-border shipments and changes in economic conditions in countries in which our products are manufactured or where\\nwe sell products. Changes in U.S. or international social, political, regulatory and economic conditions could impact our business, reputation, financial condition and results of\\noperations. In particular, political and economic instability, geopolitical conflicts, political unrest, civil strife, terrorist activity, acts of war, public corruption, expropriation, nationalism and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 3987}, page_content='other economic or political uncertainties in the United States or internationally could interrupt and negatively affect the sale of our products or other business operations. Any negative\\nsentiment toward the United States as a result of any such changes could also adversely affect our business.\\nIn addition, disease outbreaks, terrorist acts and military conflict have increased the risks of doing business abroad. These factors, among others, could affect our ability to\\nmanufacture products or procure materials, or our costs for manufacturing and procuring materials, our ability to import products, our ability to sell products in international markets\\nand our cost of doing business. If any of these or other factors make the conduct of business in a particular country undesirable or impractical, our business could be adversely\\naffected.\\nOur products are subject to risks associated with overseas sourcing, manufacturing and financing.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 4824}, page_content='affected.\\nOur products are subject to risks associated with overseas sourcing, manufacturing and financing.\\nThe principal materials used in our footwear products — natural and synthetic rubber, plastic compounds, foam cushioning materials, natural and synthetic leather, nylon, polyester\\nand natural fiber textiles and polyurethane films — are locally available to manufacturers. The principal materials used in our apparel products — natural and synthetic fabrics, yarns\\nand threads (both virgin and recycled), specialized performance fabrics designed to efficiently wick moisture away from the body, retain heat and repel rain and/or snow as well as\\nplastic and metal hardware — are also available in countries where our manufacturing takes place. Both our apparel and footwear products are dependent upon the ability of our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 22, 'page_label': '23', 'start_index': 5476}, page_content='plastic and metal hardware — are also available in countries where our manufacturing takes place. Both our apparel and footwear products are dependent upon the ability of our\\ncontract manufacturers to locate, train, employ and retain adequate personnel. NIKE contract manufacturers and materials suppliers buy raw materials and are subject to wage rates\\nand other labor standards that are oftentimes regulated by the governments of the countries in which our products are manufactured.\\nThere could be a significant disruption in the supply of fabrics or raw materials from current sources or, in the event of a disruption or heightened competition for such materials, our\\ncontract manufacturers might not be able to locate alternative suppliers of materials of comparable quality at an acceptable price or at all. Further, our contract manufacturers have\\nexperienced and may continue to experience in the future, unexpected closures, unexpected increases in work wages or other'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 0}, page_content='changes in labor standards, whether government mandated or otherwise, and increases in compliance costs due to governmental regulation concerning certain metals, fabrics or raw\\nmaterials used in the manufacturing of our products. In addition, we cannot be certain that manufacturers that we do not contract and that we refer to as \"unaffiliated manufacturers\"\\nwill be able to fill our orders in a timely manner. If we experience significant increases in demand, or reductions in the availability of materials, or need to replace an existing contract\\nmanufacturer or materials supplier, there can be no assurance additional supplies of fabrics or raw materials or additional manufacturing capacity will be available when required on\\nterms acceptable to us, or at all, or that any contract manufacturer, unaffiliated manufacturer, or any materials supplier would allocate sufficient capacity to us in order to meet our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 732}, page_content='terms acceptable to us, or at all, or that any contract manufacturer, unaffiliated manufacturer, or any materials supplier would allocate sufficient capacity to us in order to meet our\\nrequirements. In addition, even if we are able to expand existing or find new manufacturing capacity or sources of materials, we may encounter delays in production and added costs\\nas a result of the time it takes to train suppliers and manufacturers in our methods, products, quality control standards and labor, health and safety standards. Any delays, interruption\\nor increased costs in labor or wages, in the supply of materials or in the manufacturing of our products could have an adverse effect on our ability to meet retail customer and\\nconsumer demand for our products and result in lower revenues and net income both in the short- and long-term.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 1461}, page_content='consumer demand for our products and result in lower revenues and net income both in the short- and long-term.\\nBecause contract manufacturers make a majority of our products outside of our principal sales markets, our products must be transported by third parties over large geographic\\ndistances. Delays in the shipment or delivery of our products due to the availability of transportation, container shortages, labor shortages, including work stoppages or port strikes,\\ninfrastructure and port congestion or other factors, and costs and delays associated with consolidating or transitioning between manufacturers, have adversely impacted, and could in\\nthe future adversely impact the availability of our products and, in turn, our financial performance. In addition, delays in the shipment or delivery of our products, manufacturing delays'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 2114}, page_content='the future adversely impact the availability of our products and, in turn, our financial performance. In addition, delays in the shipment or delivery of our products, manufacturing delays\\nor unexpected demand for our products have required us, and may in the future require us to use faster, but more expensive, transportation methods such as air freight, which could\\nadversely affect our profit margins. The cost of oil is a significant component in manufacturing and transportation costs, so increases in the price of petroleum products can adversely\\naffect our profit margins. Changes in U.S. trade policies, including modifications to import tariffs and existing trade policies and agreements, have also had, and could continue to have\\na significant impact on our activities in foreign jurisdictions, and could adversely affect our reputation or results of operations.\\nOur success depends on our global distribution facilities.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 2854}, page_content='a significant impact on our activities in foreign jurisdictions, and could adversely affect our reputation or results of operations.\\nOur success depends on our global distribution facilities.\\nWe distribute our products to customers directly from the factory and through distribution centers located throughout the world. Our ability to meet customer expectations, manage\\ninventory, complete sales and achieve objectives for operating efficiencies and growth, particularly in emerging markets, depends on the proper operation of our distribution facilities,\\nthe development or expansion of additional distribution capabilities and the timely performance of services by third parties (including those involved in shipping product to and from our\\ndistribution facilities). Our distribution facilities have in the past and could in the future be interrupted by information technology problems, disasters such as earthquakes or fires or'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 3598}, page_content='distribution facilities). Our distribution facilities have in the past and could in the future be interrupted by information technology problems, disasters such as earthquakes or fires or\\noutbreaks of disease or government actions taken to mitigate their spread. Any significant failure in our distribution facilities could result in an adverse effect on our business. We\\nmaintain business interruption insurance, but it may not adequately protect us from adverse effects caused by significant disruptions in our distribution facilities.\\nLegal, Regulatory, and Compliance Risks\\nWe are subject to a complex array of laws and regulations and litigation and other legal and regulatory proceedings, which could have an adverse effect on our business,\\nfinancial condition and results of operations.\\nAs a multinational corporation with operations and distribution channels throughout the world, we are subject to and must comply with extensive laws and regulations in the United'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 4392}, page_content='As a multinational corporation with operations and distribution channels throughout the world, we are subject to and must comply with extensive laws and regulations in the United\\nStates and other jurisdictions in which we have operations and distribution channels. If we or our employees, agents, suppliers, and other partners fail to comply with any of these laws\\nor regulations, such failure could subject us to fines, sanctions or other penalties that could negatively affect our reputation, business, financial condition and results of operations.\\nFurthermore, laws, regulations and policies and the interpretation of such, can conflict among jurisdictions and compliance in one jurisdiction may result in legal or reputational risks in\\nanother jurisdiction. We are involved in various types of claims, lawsuits, regulatory proceedings and government investigations relating to our business, our products and the actions'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 5133}, page_content='another jurisdiction. We are involved in various types of claims, lawsuits, regulatory proceedings and government investigations relating to our business, our products and the actions\\nof our employees and representatives, including contractual and employment relationships, product liability, antitrust, trademark rights and a variety of other matters. It is not possible to\\npredict with certainty the outcome of any such legal or regulatory proceedings or investigations, and we could in the future incur judgments, fines or penalties, or enter into settlements\\nof lawsuits and claims that could have a material adverse effect on our business, financial condition and results of operations and negatively impact our reputation. The global nature of\\nour business means legal and compliance risks, such as anti-bribery, anti-corruption, fraud, trade, environmental, competition, privacy and other regulatory matters, will continue to'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 23, 'page_label': '24', 'start_index': 5883}, page_content='our business means legal and compliance risks, such as anti-bribery, anti-corruption, fraud, trade, environmental, competition, privacy and other regulatory matters, will continue to\\nexist and additional legal proceedings and other contingencies have and will continue to arise from time to time, which could adversely affect us. In addition, the adoption of new laws\\nor regulations, or changes in the interpretation of existing laws or regulations, may result in significant unanticipated legal and reputational risks. Moreover, the regulation of certain\\ntransactions we engage in, including those involving virtual goods and cryptocurrencies, remains in an early stage and subject to significant uncertainty. As a result, we are required to\\nexercise our judgment as to whether or how certain laws or regulations apply, or may in the future'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 0}, page_content=\"apply, and it is possible that legislators, regulators and courts may disagree with our conclusions. Any current or future legal or regulatory proceedings could divert management's\\nattention from our operations and result in substantial legal fees.\\nChanges to U.S. or other countries' trade policies and tariff and import/export regulations or our failure to comply with such regulations may have a material adverse\\neffect on our reputation, business, financial condition and results of operations.\\nChanges in the U.S. government's import and export policies, including trade restrictions, sanctions and countersanctions, increased tariffs or quotas, embargoes, safeguards or\\ncustoms restrictions, could require us to change the way we conduct business and adversely affect our results of operations.\\nIn addition, changes in laws and policies governing foreign trade, manufacturing, development and investment in the territories or countries where we currently sell our products or\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 801}, page_content=\"In addition, changes in laws and policies governing foreign trade, manufacturing, development and investment in the territories or countries where we currently sell our products or\\nconduct our business could adversely affect our business. U.S. presidential administrations have instituted or proposed changes in trade policies that include the negotiation or\\ntermination of trade agreements, the imposition of higher tariffs on imports into the U.S., economic sanctions on individuals, corporations or countries, and other government\\nregulations affecting trade between the U.S. and other countries where we conduct our business. It may be time-consuming and expensive for us to alter our business operations in\\norder to adapt to or comply with any such changes.\\nChanges or proposed changes in U.S. or other countries' trade policies may result in restrictions and economic disincentives on international trade. Tariffs and other changes in U.S.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 1564}, page_content=\"Changes or proposed changes in U.S. or other countries' trade policies may result in restrictions and economic disincentives on international trade. Tariffs and other changes in U.S.\\ntrade policy have in the past and could in the future trigger retaliatory actions by affected countries, and certain foreign governments have instituted or are considering imposing\\nretaliatory measures on certain U.S. goods. Further, any emerging protectionist or nationalist trends either in the United States or in other countries could affect the trade environment.\\nThe Company, similar to many other multinational corporations, does a significant amount of business that would be impacted by changes to the trade policies of the United States\\nand foreign countries (including governmental action related to tariffs, international trade agreements, or economic sanctions). Such changes have the potential to adversely impact\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 2294}, page_content='and foreign countries (including governmental action related to tariffs, international trade agreements, or economic sanctions). Such changes have the potential to adversely impact\\nthe U.S. economy or certain sectors thereof or the economy of another country in which we conduct operations, our industry and the global demand for our products, and as a result,\\ncould have a material adverse effect on our business, financial condition and results of operations.\\nIn addition, many of our imported products are subject to duties, tariffs or quotas that affect the cost and quantity of various types of goods imported into the United States and other\\ncountries. Any country in which our products are produced or sold may eliminate, adjust or impose new quotas, duties, tariffs, safeguard measures, anti-dumping duties, cargo'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 2942}, page_content='countries. Any country in which our products are produced or sold may eliminate, adjust or impose new quotas, duties, tariffs, safeguard measures, anti-dumping duties, cargo\\nrestrictions to prevent terrorism, restrictions on the transfer of currency, climate change legislation, product safety regulations or other charges or restrictions, any of which could have\\nan adverse effect on our results of operations and financial condition.\\nFurthermore, we are subject to the FCPA as well as the anti-corruption laws of other countries in which we operate. Although we implement policies and procedures designed to\\npromote compliance with these laws, our employees, independent contractors, contract manufacturers, suppliers and agents, as well as those companies to which we outsource\\ncertain of our business operations, may take actions in violation of our policies. Any such violation could result in sanctions or other penalties and have an adverse effect on our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 3723}, page_content='certain of our business operations, may take actions in violation of our policies. Any such violation could result in sanctions or other penalties and have an adverse effect on our\\nbusiness, reputation and operating results.\\nFailure to adequately protect or enforce our intellectual property rights could adversely affect our business.\\nWe periodically discover counterfeit reproductions of our products or products that otherwise infringe our intellectual property rights. If we are unsuccessful in enforcing our intellectual\\nproperty rights, continued sales of these products could adversely affect our sales and our brand and could result in a shift of consumer preference away from our products.\\nThe actions we take to establish and protect our intellectual property rights may not be adequate to prevent imitation of our products by others. We also may be unable to prevent\\nothers from seeking to block sales of our products as violations of proprietary rights.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 4601}, page_content='others from seeking to block sales of our products as violations of proprietary rights.\\nWe may be subject to liability if third parties successfully claim we infringe their intellectual property rights. Defending infringement claims could be expensive and time-consuming and\\nmight result in our entering into costly license agreements. We also may be subject to significant damages or injunctions against development, manufacturing, use, importation and/or\\nsale of certain products.\\nWe take various actions to prevent the unauthorized use and/or disclosure of our confidential information and intellectual property rights. These actions include contractual measures\\nsuch as entering into non-disclosure and non-compete agreements and agreements relating to our collaborations with third parties and providing confidential information awareness'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 5267}, page_content='such as entering into non-disclosure and non-compete agreements and agreements relating to our collaborations with third parties and providing confidential information awareness\\ntraining. Our controls and efforts to prevent unauthorized use and/or disclosure of confidential information and intellectual property rights might not always be effective. For example,\\nconfidential information related to business strategy, innovations, new technologies, mergers and acquisitions, unpublished financial results or personal data could be prematurely,\\ninadvertently, or improperly used and/or disclosed, resulting in a loss of reputation, loss of intellectual property rights, a decline in our stock price and/or a negative impact on our\\nmarket position, and could lead to damages, fines, penalties or injunctions. In addition, new products we offer, such as virtual goods, may raise various novel intellectual property law'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 24, 'page_label': '25', 'start_index': 5998}, page_content='market position, and could lead to damages, fines, penalties or injunctions. In addition, new products we offer, such as virtual goods, may raise various novel intellectual property law\\nconsiderations, including adequacy and scope of assignment, licensing, transfer, copyright and other right-of-use issues.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 0}, page_content='In addition, the laws of certain countries may not protect or allow enforcement of intellectual property rights to the same extent as the laws of the United States. We may face\\nsignificant expenses and liability in connection with the protection of our intellectual property rights, including outside the United States, and if we are unable to successfully protect our\\nrights or resolve intellectual property conflicts with others, our business or financial condition may be adversely affected.\\nWe are subject to data security and privacy risks that could negatively affect our results, operations or reputation.\\nIn addition to our own sensitive and proprietary business information, we handle transactional and personal information about our wholesale customers and consumers and users of\\nour digital experiences, which include online distribution channels and product engagement, adaptive products and personal fitness applications. Hackers and data thieves are'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 790}, page_content=\"our digital experiences, which include online distribution channels and product engagement, adaptive products and personal fitness applications. Hackers and data thieves are\\nincreasingly sophisticated and operate social engineering, such as phishing, and large-scale, complex automated attacks that can evade detection for long periods of time. Any breach\\nof our or our service providers' networks, or other vendor systems, may result in the loss of confidential business and financial data, misappropriation of our consumers', users' or\\nemployees' personal information or a disruption of our business. Any of these outcomes could have a material adverse effect on our business, including unwanted media attention,\\nimpairment of our consumer and customer relationships, damage to our reputation; resulting in lost sales and consumers, fines, lawsuits, or significant legal and remediation expenses.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 1505}, page_content='impairment of our consumer and customer relationships, damage to our reputation; resulting in lost sales and consumers, fines, lawsuits, or significant legal and remediation expenses.\\nWe also may need to expend significant resources to protect against, respond to and/or redress problems caused by any breach.\\nIn addition, we must comply with increasingly complex and rigorous, and sometimes conflicting, regulatory standards enacted to protect business and personal data in the United\\nStates, Europe and elsewhere. For example, the European Union adopted the General Data Protection Regulation (the \"GDPR\"); the United Kingdom enacted the UK General Data\\nProtection Regulation (which implements the GDPR into UK law); several states in the United States have passed data privacy laws; China enacted the Data Security Law and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 2161}, page_content='Protection Regulation (which implements the GDPR into UK law); several states in the United States have passed data privacy laws; China enacted the Data Security Law and\\nPersonal Information Protection Law; and additional jurisdictions have adopted or are considering proposing or adopting similar regulations. These laws impose additional obligations\\non companies regarding the handling of personal data and provide certain individual privacy rights to persons whose data is stored. Compliance with existing, proposed and recently\\nenacted laws and regulations can be costly and time consuming, and any failure to comply with these regulatory standards could subject us to legal, operational and reputational risks.\\nMisuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 2877}, page_content='Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or\\nothers, imposition of fines by governmental authorities and damage to our reputation and credibility and could have a negative impact on revenues and profits.\\nWe could be subject to changes in tax rates, adoption of new tax laws, additional tax liabilities or increased volatility in our effective tax rate.\\nWe earn a substantial portion of our income in foreign countries and, as such, we are subject to the tax laws in the United States and numerous foreign jurisdictions. Current economic\\nand political conditions make tax laws and regulations, or their interpretation and application, in any jurisdiction subject to significant change.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 3550}, page_content='and political conditions make tax laws and regulations, or their interpretation and application, in any jurisdiction subject to significant change.\\nProposals to reform U.S. and foreign tax laws could significantly impact how U.S. multinational corporations are taxed on global earnings and could increase the U.S. corporate tax\\nrate. For example, the Organization for Economic Co-operation and Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the \"Inclusive\\nFramework\") has put forth two proposals—Pillar One and Pillar Two—that revise the existing profit allocation and nexus rules and ensure a minimal level of taxation, respectively. On\\nDecember 12, 2022, the European Union member states agreed to implement the Inclusive Framework\\'s global corporate minimum tax rate of 15%. Other countries are also actively'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 4229}, page_content=\"December 12, 2022, the European Union member states agreed to implement the Inclusive Framework's global corporate minimum tax rate of 15%. Other countries are also actively\\nconsidering changes to their tax laws to adopt certain parts of the Inclusive Framework's proposals. Although we cannot predict whether or in what form these proposals will be\\nenacted into law, these changes, if enacted into law, could have an adverse impact on our effective tax rate, income tax expense and cash flows.\\nPortions of our operations are subject to a reduced tax rate or are under a tax holiday. We also utilize tax rulings and other agreements to obtain certainty in treatment of certain tax\\nmatters. Tax holidays and rulings can expire from time to time and may be extended when certain conditions are met, or terminated if certain conditions are not met. The impact of any\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 4910}, page_content='matters. Tax holidays and rulings can expire from time to time and may be extended when certain conditions are met, or terminated if certain conditions are not met. The impact of any\\nchanges in conditions would be the loss of certainty in treatment thus potentially impacting our effective income tax rate. For example, in January 2019, the European Commission\\nopened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. If this matter is adversely resolved,\\nthe Netherlands may be required to assess additional amounts with respect to prior periods, and the Company\\'s income taxes related to prior periods in the Netherlands could\\nincrease.\\nWe are also subject to the examination of our tax returns by the United States Internal Revenue Service (\"IRS\") and other tax authorities. We regularly assess the likelihood of an'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 25, 'page_label': '26', 'start_index': 5626}, page_content='increase.\\nWe are also subject to the examination of our tax returns by the United States Internal Revenue Service (\"IRS\") and other tax authorities. We regularly assess the likelihood of an\\nadverse outcome resulting from these examinations to determine the adequacy of our provision for income taxes. Although we believe our tax provisions are adequate, the final\\ndetermination of tax audits and any related disputes could be materially different from our historical income tax provisions and accruals. The results of audits or related disputes could\\nhave an adverse effect on our financial statements for the period or periods for which the applicable final determinations are made. For example, we and our subsidiaries are also\\nengaged in a number of intercompany transactions across multiple tax jurisdictions. Although we believe we have clearly reflected the economics of these transactions'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 0}, page_content=\"and the proper local transfer pricing documentation is in place, tax authorities may propose and sustain adjustments that could result in changes that may impact our mix of earnings in\\ncountries with differing statutory tax rates.\\nFailure of our contractors or our licensees' contractors to comply with our code of conduct, local laws and other standards could harm our business.\\nWe have license agreements that permit independent parties to manufacture or contract for the manufacture of products using our intellectual property. We require the contractors that\\ndirectly manufacture our products and our licensees that make products using our intellectual property (including, indirectly, their contract manufacturers) to comply with a code of\\nconduct and other environmental, human rights, health and safety standards for the benefit of workers. We also require our contract manufacturers and the contractors of our licensees\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 745}, page_content='conduct and other environmental, human rights, health and safety standards for the benefit of workers. We also require our contract manufacturers and the contractors of our licensees\\nto comply with applicable standards for product safety. Notwithstanding their contractual obligations, from time to time contractors may not comply with such standards or applicable\\nlocal law or our licensees may fail to enforce such standards or applicable local law on their contractors. If one or more of our direct or indirect contractors violates or fails to comply\\nwith, or is accused of violating or failing to comply with, such standards and laws, this could harm our reputation or result in a product recall and, as a result, could have an adverse\\neffect on our sales and financial condition. Negative publicity regarding production methods, alleged unethical or illegal practices or workplace or related conditions of any of our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 1485}, page_content='effect on our sales and financial condition. Negative publicity regarding production methods, alleged unethical or illegal practices or workplace or related conditions of any of our\\nsuppliers, manufacturers or licensees could adversely affect our brand image and sales, force us to locate alternative suppliers, manufacturers or licenses or result in the imposition of\\nadditional regulations, including new or additional quotas, tariffs, sanctions, product safety regulations or other regulatory measures, by governmental authorities.\\nRisks Related to Our Securities, Investments and Liquidity\\nOur financial results may be adversely affected if substantial investments in businesses and operations fail to produce expected returns.\\nFrom time to time, we may invest in technology, business infrastructure, new businesses or capabilities, product offering and manufacturing innovation and expansion of existing'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 2217}, page_content='From time to time, we may invest in technology, business infrastructure, new businesses or capabilities, product offering and manufacturing innovation and expansion of existing\\nbusinesses, such as our NIKE Direct operations, which require substantial cash investments and management attention. We believe cost-effective investments are essential to\\nbusiness growth and profitability; however, significant investments are subject to typical risks and uncertainties inherent in developing a new business or expanding an existing\\nbusiness. The failure of any significant investment to provide expected returns or profitability could have a material adverse effect on our financial results and divert management\\nattention from more profitable business operations. See also \"\\nOur NIKE Direct operations have required and will continue to require a substantial investment and commitment of\\nresources and are subject to numerous risks and uncertainties\\n.\"'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 2988}, page_content='Our NIKE Direct operations have required and will continue to require a substantial investment and commitment of\\nresources and are subject to numerous risks and uncertainties\\n.\"\\nThe sale of a large number of shares of common stock by our principal shareholder could depress the market price of our common stock.\\nAs of June 30, 2023, Swoosh, LLC beneficially owned approximately 77% of our Class A Common Stock. If, on June 30, 2023, all of these shares were converted into Class B\\nCommon Stock, Swoosh, LLC\\'s commensurate ownership percentage of our Class B Common Stock would be approximately 16%. The shares are available for resale, subject to the\\nrequirements of the U.S. securities laws and the terms of the limited liability company agreement governing Swoosh, LLC. The sale or prospect of a sale of a substantial number of'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 3639}, page_content=\"requirements of the U.S. securities laws and the terms of the limited liability company agreement governing Swoosh, LLC. The sale or prospect of a sale of a substantial number of\\nthese shares could have an adverse effect on the market price of our common stock. Swoosh, LLC was formed by Philip H. Knight, our Chairman Emeritus, to hold the majority of his\\nshares of Class A Common Stock. Mr. Knight does not have voting rights with respect to Swoosh, LLC, although Travis Knight, his son and a NIKE director, has a significant role in the\\nmanagement of the Class A Common Stock owned by Swoosh, LLC.\\nChanges in our credit ratings or macroeconomic conditions may affect our liquidity, increasing borrowing costs and limiting our financing options.\\nOur long-term debt is currently rated Investment Grade by Standard & Poor's and Moody's Investors Service. If our credit ratings are lowered, borrowing costs for our existing facilities\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 4387}, page_content=\"Our long-term debt is currently rated Investment Grade by Standard & Poor's and Moody's Investors Service. If our credit ratings are lowered, borrowing costs for our existing facilities\\nor for future long-term debt or short-term credit facilities may increase and our financing options, including our access to credit or capital markets, could be adversely affected. We may\\nalso be subject to restrictive covenants that would reduce our flexibility to, among other things, incur additional indebtedness, make restricted payments, pledge assets as security,\\nmake investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. Failure to comply with such covenants\\ncould result in a default, and as a result, the commitments of our lenders under our credit agreements may be terminated and the maturity of amounts owed may be accelerated. In\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 26, 'page_label': '27', 'start_index': 5119}, page_content='could result in a default, and as a result, the commitments of our lenders under our credit agreements may be terminated and the maturity of amounts owed may be accelerated. In\\naddition, macroeconomic conditions, such as increased volatility or disruption in the credit or capital markets, could adversely affect our ability to refinance existing debt.\\nIf our internal controls are ineffective, our operating results could be adversely affected.\\nOur internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or\\noverriding of controls or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we\\nfail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 27, 'page_label': '28', 'start_index': 0}, page_content='difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.\\nIf our estimates or judgments relating to our critical accounting estimates prove to be incorrect, our operating results could be adversely affected.\\nThe preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that\\naffect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions we\\nbelieve to be reasonable under the circumstances, as provided in \"Management\\'s Discussion and Analysis of Financial Condition and Results of Operations\". The results of these'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 27, 'page_label': '28', 'start_index': 658}, page_content='believe to be reasonable under the circumstances, as provided in \"Management\\'s Discussion and Analysis of Financial Condition and Results of Operations\". The results of these\\nestimates form the basis for making judgments about the carrying values of assets, liabilities and equity, and the amount of revenues and expenses that are not readily apparent from\\nother sources. Significant assumptions and estimates used in preparing our consolidated financial statements include those related to revenue recognition, inventory reserves, hedge\\naccounting for derivatives, income taxes and other contingencies. Our operating results may be adversely affected if our assumptions change or if actual circumstances differ from\\nthose in our assumptions, which could cause our operating results to fall below the expectations of securities analysts and investors, resulting in a decline in the price of our Class B\\nCommon Stock.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 27, 'page_label': '28', 'start_index': 1375}, page_content='those in our assumptions, which could cause our operating results to fall below the expectations of securities analysts and investors, resulting in a decline in the price of our Class B\\nCommon Stock.\\nAnti-takeover provisions may impair an acquisition of the Company or reduce the price of our common stock.\\nThere are provisions within our articles of incorporation and Oregon law intended to protect shareholder interests by providing the Board of Directors a means to attempt to deny\\ncoercive takeover attempts or to negotiate with a potential acquirer in order to obtain more favorable terms. Such provisions include a control share acquisition statute, a freeze-out\\nstatute, two classes of stock that vote separately on certain issues, and the fact that holders of Class A Common Stock elect three-quarters of the Board of Directors rounded down to'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 27, 'page_label': '28', 'start_index': 2044}, page_content='statute, two classes of stock that vote separately on certain issues, and the fact that holders of Class A Common Stock elect three-quarters of the Board of Directors rounded down to\\nthe next whole number. However, such provisions could discourage, delay or prevent an unsolicited merger, acquisition or other change in control of the Company that some\\nshareholders might believe to be in their best interests or in which shareholders might receive a premium for their common stock over the prevailing market price. These provisions\\ncould also discourage proxy contests for control of the Company.\\nWe may fail to meet market expectations, which could cause the price of our stock to decline.\\nOur Class B Common Stock is traded publicly, and at any given time various securities analysts follow our financial results and issue reports on us. These reports include information'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 27, 'page_label': '28', 'start_index': 2736}, page_content=\"Our Class B Common Stock is traded publicly, and at any given time various securities analysts follow our financial results and issue reports on us. These reports include information\\nabout our historical financial results as well as analysts' opinions of our future performance, which may, in part, be based upon any guidance we have provided. Analysts' estimates are\\noften different from our estimates or expectations. If our operating results are below the estimates or expectations of public market analysts and investors, our stock price could\\ndecline. In the past, securities class action litigation has been brought against NIKE and other companies following a decline in the market price of their securities. If our stock price is\\nvolatile for any reason, we may become involved in this type of litigation in the future. Any litigation could result in reputational damage, substantial costs and a diversion of\\nmanagement's attention and resources needed to successfully run our business.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 27, 'page_label': '28', 'start_index': 3653}, page_content=\"management's attention and resources needed to successfully run our business.\\n2023 FORM 10-K \\n23\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 28, 'page_label': '29', 'start_index': 0}, page_content='ITEM 1B. UNRESOLVED STAFF COMMENTS\\nNone.\\nITEM 2. PROPERTIES\\nThe following is a summary of principal properties owned or leased by NIKE:\\nThe NIKE World Campus, owned by NIKE and located near Beaverton, Oregon, USA, is an approximately 400-acre site consisting of over 40 buildings which, together with adjacent\\nleased properties, functions as our world headquarters and is occupied by approximately 11,400 employees engaged in management, research, design, development, marketing,\\nfinance and other administrative functions serving nearly all of our segments. We lease a similar, but smaller, administrative facility in Hilversum, the Netherlands, which serves as the\\nheadquarters for our Europe, Middle East & Africa geography and management of certain brand functions for our non-U.S. operations. We also lease an office complex in Shanghai,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 28, 'page_label': '29', 'start_index': 667}, page_content='headquarters for our Europe, Middle East & Africa geography and management of certain brand functions for our non-U.S. operations. We also lease an office complex in Shanghai,\\nChina, our headquarters for our Greater China geography, occupied by employees focused on implementing our wholesale, NIKE Direct and merchandising strategies in the region,\\namong other functions.\\nIn the United States, NIKE has eight significant distribution centers. Five are located in or near Memphis, Tennessee, two of which are owned and three of which are leased. Two other\\ndistribution centers, one located in Indianapolis, Indiana and one located in Dayton, Tennessee, are leased and operated by third-party logistics providers. One distribution center for\\nConverse is located in Ontario, California, which is leased. NIKE has a number of distribution facilities outside the United States, some of which are leased and operated by third-party'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 28, 'page_label': '29', 'start_index': 1408}, page_content='Converse is located in Ontario, California, which is leased. NIKE has a number of distribution facilities outside the United States, some of which are leased and operated by third-party\\nlogistics providers. The most significant distribution facilities outside the United States are located in Laakdal, Belgium; Taicang, China; Tomisato, Japan and Icheon, Korea, all of\\nwhich we own.\\nAir Manufacturing Innovation manufactures cushioning components used in footwear at NIKE-owned and leased facilities located near Beaverton, Oregon, and in Dong Nai Province,\\nVietnam, as well as at NIKE-owned facilities in St. Charles, Missouri.\\nAside from the principal properties described above, we lease many offices worldwide for sales and administrative purposes. We lease approximately 1,027 retail stores worldwide,\\nwhich primarily consist of factory stores. See \"United States Market\" and \"International Markets\" for additional information regarding our retail stores. Our leases expire at various dates'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 28, 'page_label': '29', 'start_index': 2215}, page_content='which primarily consist of factory stores. See \"United States Market\" and \"International Markets\" for additional information regarding our retail stores. Our leases expire at various dates\\nthrough the fiscal year 2052.\\nITEM 3. LEGAL PROCEEDINGS\\nWe do not believe there are any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we are a party or of which any of our\\nproperty is the subject. Refer to Note 16 — Commitments and Contingencies in the accompanying Notes to the Consolidated Financial Statements for further information.\\nITEM 4. MINE SAFETY DISCLOSURES\\nNot applicable.\\n2023 FORM 10-K \\n24'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 29, 'page_label': '30', 'start_index': 0}, page_content=\"PART II\\nITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY,\\nRELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES\\nOF EQUITY SECURITIES\\nNIKE's Class B Common Stock is listed on the New York Stock Exchange and trades under the symbol NKE. At July 12, 2023, there were 21,813 holders of record of NIKE's Class B\\nCommon Stock and 15 holders of record of NIKE's Class A Common Stock. These figures do not include beneficial owners who hold shares in nominee name. The Class A Common\\nStock is not publicly traded, but each share is convertible upon request of the holder into one share of Class B Common Stock. Refer to our Consolidated Statements of Shareholders'\\nEquity for dividends declared on the Class A and Class B Common Stock.\\nIn August 2022, the Company terminated the previous four-year, $15 billion share repurchase program approved by the Board of Directors in June 2018. Prior to the program's\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 29, 'page_label': '30', 'start_index': 720}, page_content=\"In August 2022, the Company terminated the previous four-year, $15 billion share repurchase program approved by the Board of Directors in June 2018. Prior to the program's\\ntermination, the Company purchased 6.5 million shares at an average price of $109.85 per share for a total approximate cost of $710.0 million during the first quarter of fiscal 2023 and\\n83.8 million shares at an average price of $111.82 per share for a total approximate cost of $9.4 billion during the term of this program.\\nUpon termination of the $15 billion program, the Company began purchasing shares under a new four-year, $18 billion share repurchase program authorized by the Board of Directors\\nin June 2022. As of May 31, 2023, the Company had repurchased 43.5 million shares at an average price of $110.38 per share for a total approximate cost of $4.8 billion under the\\nnew program.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 29, 'page_label': '30', 'start_index': 1395}, page_content=\"in June 2022. As of May 31, 2023, the Company had repurchased 43.5 million shares at an average price of $110.38 per share for a total approximate cost of $4.8 billion under the\\nnew program.\\nRepurchases under the Company's new program will be made in open market or privately negotiated transactions in compliance with the Securities and Exchange Commission Rule\\n10b-18, subject to market conditions, applicable legal requirements and other relevant factors. The new share repurchase program does not obligate the Company to acquire any\\nparticular amount of common stock, and it may be suspended at any time at the Company's discretion.\\nAll share repurchases were made under NIKE's publicly announced program, and there are no other programs under which the Company repurchases shares. The following table\\npresents a summary of share repurchases made during the quarter ended May 31, 2023:\\nPERIOD\\nTOTAL NUMBER OF SHARES\\nPURCHASED\\nAVERAGE PRICE \\nPAID PER SHARE\\nAPPROXIMATE DOLLAR\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 29, 'page_label': '30', 'start_index': 2201}, page_content='presents a summary of share repurchases made during the quarter ended May 31, 2023:\\nPERIOD\\nTOTAL NUMBER OF SHARES\\nPURCHASED\\nAVERAGE PRICE \\nPAID PER SHARE\\nAPPROXIMATE DOLLAR \\nVALUE OF SHARES THAT \\nMAY YET BE PURCHASED \\nUNDER THE PLANS \\nOR PROGRAMS \\n(IN MILLIONS)\\nMarch 1 — March 31, 2023\\n4,118,427 \\n$\\n120.04 \\n$\\n14,099 \\nApril 1 — April 30, 2023\\n3,282,288 \\n$\\n125.01 \\n$\\n13,689 \\nMay 1 — May 31, 2023\\n4,134,824 \\n$\\n118.30 \\n$\\n13,200 \\n11,535,539\\n \\n$\\n120.83'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 30, 'page_label': '31', 'start_index': 0}, page_content=\"PERFORMANCE GRAPH\\nThe following graph demonstrates a five-year comparison of cumulative total returns for NIKE's Class B Common Stock; the Standard & Poor's 500 Stock Index; the Dow Jones U.S.\\nFootwear Index; and the Standard & Poor's Apparel, Accessories & Luxury Goods Index. The graph assumes an investment of $100 on May 31, 2018, in each of the indices and our\\nClass B Common Stock. Each of the indices assumes that all dividends were reinvested on the day of issuance.\\nCOMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN AMONG NIKE, INC.; S&P 500 INDEX; THE DOW JONES U.S. FOOTWEAR INDEX; AND\\nS&P APPAREL, ACCESSORIES & LUXURY GOODS INDEX\\nThe Dow Jones U.S. Footwear Index consists of NIKE, Crocs Inc., Deckers Outdoor Corporation and Skechers U.S.A., Inc. Because NIKE is part of the Dow Jones U.S. Footwear\\nIndex, the price and returns of NIKE stock have a substantial effect on this index. The Standard & Poor's Apparel, Accessories & Luxury Goods Index consists of Ralph Lauren\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 30, 'page_label': '31', 'start_index': 808}, page_content=\"Index, the price and returns of NIKE stock have a substantial effect on this index. The Standard & Poor's Apparel, Accessories & Luxury Goods Index consists of Ralph Lauren\\nCorporation, Tapestry, Inc. and V.F. Corporation. The Dow Jones U.S. Footwear Index and the Standard & Poor's Apparel, Accessories & Luxury Goods Index include companies in\\ntwo major lines of business in which the Company competes. The indices do not encompass all of the Company's competitors, nor all product categories and lines of business in which\\nthe Company is engaged.\\nThe stock performance shown on the performance graph above is not necessarily indicative of future performance. The Company will not make or endorse any predictions as to future\\nstock performance.\\nThe performance graph above is being furnished solely to accompany this Annual Report pursuant to Item 201(e) of Regulation S-K, is not being filed for purposes of Section 18 of the\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 30, 'page_label': '31', 'start_index': 1555}, page_content='The performance graph above is being furnished solely to accompany this Annual Report pursuant to Item 201(e) of Regulation S-K, is not being filed for purposes of Section 18 of the\\nSecurities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of\\nany general incorporation language in such filing.\\n2023 FORM 10-K \\n26'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 31, 'page_label': '32', 'start_index': 0}, page_content='ITEM 6. [RESERVED]\\n2023 FORM 10-K \\n27'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 32, 'page_label': '33', 'start_index': 0}, page_content='ITEM 7. MANAGEMENT\\'S DISCUSSION AND ANALYSIS OF\\nFINANCIAL CONDITION AND RESULTS OF OPERATIONS\\nOVERVIEW\\nNIKE designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services worldwide. We are the largest seller of athletic footwear and apparel in the\\nworld. We sell our products through NIKE Direct operations, which is comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as \"NIKE\\nBrand Digital\"), to wholesale accounts and to a mix of independent distributors, licensees and sales representatives in nearly all countries around the world. Our goal is to deliver value\\nto our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories businesses. Our strategy is to achieve long-term revenue growth'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 32, 'page_label': '33', 'start_index': 653}, page_content='to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories businesses. Our strategy is to achieve long-term revenue growth\\nby creating innovative, \"must-have\" products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms\\nand at retail.\\nThrough the Consumer Direct Acceleration strategy, we are focused on creating the marketplace of the future with more premium, consistent and seamless consumer experiences,\\nleading with digital and our owned stores, as well as select wholesale partners. In addition, our product creation and marketing organizations are aligned to a consumer construct\\nfocused on sports dimensions through Men\\'s, Women\\'s and Kids\\', which allows us to better serve consumer needs. We continue to invest in a new Enterprise Resource Planning'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 32, 'page_label': '33', 'start_index': 1381}, page_content=\"focused on sports dimensions through Men's, Women's and Kids', which allows us to better serve consumer needs. We continue to invest in a new Enterprise Resource Planning\\nPlatform, data and analytics, demand sensing, insight gathering, and other areas to create an end-to-end technology foundation, which we believe will further accelerate our digital\\ntransformation. We believe this unified approach will accelerate growth and unlock more efficiency for our business, while driving speed and responsiveness as we serve consumers\\nglobally.\\nFINANCIAL HIGHLIGHTS\\n•\\nIn fiscal 2023, NIKE, Inc. achieved record Revenues of $51.2 billion, which increased 10% and 16% on a reported and currency-neutral basis, respectively\\n•\\nNIKE Direct revenues grew 14% from $18.7 billion in fiscal 2022 to $21.3 billion in fiscal 2023, and represented approximately 44% of total NIKE Brand revenues for fiscal 2023\\n•\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 32, 'page_label': '33', 'start_index': 2097}, page_content='•\\nNIKE Direct revenues grew 14% from $18.7 billion in fiscal 2022 to $21.3 billion in fiscal 2023, and represented approximately 44% of total NIKE Brand revenues for fiscal 2023\\n•\\nGross margin for the fiscal year decreased 250 basis points to 43.5% primarily driven by higher product costs, higher markdowns and unfavorable changes in foreign currency\\nexchange rates, partially offset by strategic pricing actions\\n•\\nInventories as of May 31, 2023 were $8.5 billion, flat compared to the prior year, driven by the actions we took throughout fiscal 2023 to manage inventory levels\\n•\\nWe returned $7.5 billion to our shareholders in fiscal 2023 through share repurchases and dividends\\n•\\nReturn on Invested Capital (\"ROIC\") as of May 31, 2023 was 31.5% compared to 46.5% as of May 31, 2022. ROIC is considered a non-GAAP financial measure, see \"Use of\\nNon-GAAP Financial Measures\" for further information.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 32, 'page_label': '33', 'start_index': 2944}, page_content='Non-GAAP Financial Measures\" for further information.\\nFor discussion related to the results of operations and changes in financial condition for fiscal 2022 compared to fiscal 2021 refer to Part II, Item 7. Management\\'s Discussion and\\nAnalysis of Financial Condition and Results of Operations in our fiscal 2022 Form 10-K, which was filed with the United States Securities and Exchange Commission on July 21, 2022.\\nCURRENT ECONOMIC CONDITIONS AND MARKET DYNAMICS\\n•\\nConsumer Spending:\\n \\nOur fiscal 2023 growth in Revenues reflects strong demand for our products despite ongoing uncertainty in the global economy. We will continue to\\nclosely monitor macroeconomic conditions, including potential impacts of inflation and rising interest rates on consumer behavior.\\n•\\nInflationary Pressures:\\n \\nInflationary pressures, including higher product input, freight and logistics costs negatively impacted gross margin for fiscal 2023. The strategic pricing'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 32, 'page_label': '33', 'start_index': 3707}, page_content='•\\nInflationary Pressures:\\n \\nInflationary pressures, including higher product input, freight and logistics costs negatively impacted gross margin for fiscal 2023. The strategic pricing\\nactions we have taken partially offset the impacts of these higher costs.\\n•\\nSupply Chain Volatility:\\n \\nSupply chain challenges, macroeconomic conditions and the impact of the COVID-19 pandemic on the manufacturing of our product disrupted the flow\\nof seasonal product in fiscal 2022 and the first quarter of fiscal 2023, resulting in elevated inventory levels at the end of the first quarter of fiscal 2023. Throughout fiscal 2023, we\\ntook action to reduce excess inventory by decreasing future inventory purchases and increasing promotional activity. These actions, along with the stabilization of inventory\\ntransit times in the second and third quarters of fiscal 2023, resulted in the normalization of the seasonal flow of product in the fourth quarter of fiscal 2023.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 33, 'page_label': '34', 'start_index': 0}, page_content='•\\nCOVID-19 Impacts in Greater China:\\n \\nDuring the first and second quarters of fiscal 2023, we managed through continued temporary store closures and reduced retail traffic in\\nGreater China, primarily due to COVID-19 related local government restrictions. At the beginning of the third quarter of fiscal 2023, the government mandated restrictions were\\nlifted and we experienced improvement in physical retail traffic.\\n•\\nForeign Currency Impacts: \\nAs a global company with significant operations outside the United States, we are exposed to risk arising from foreign currency exchange rates. For\\nfiscal 2023, fluctuations in foreign currency exchange rates negatively impacted our reported Revenues by approximately $2,859 million, reducing our revenue growth rate to\\n10% on a reported basis from 16% on a currency-neutral basis. Foreign currency impacts, net of hedges, also reduced our reported Income before income taxes by approximately'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 33, 'page_label': '34', 'start_index': 767}, page_content='10% on a reported basis from 16% on a currency-neutral basis. Foreign currency impacts, net of hedges, also reduced our reported Income before income taxes by approximately\\n$1,023 million. For further information, refer to \"Foreign Currency Exposures and Hedging Practices\".\\nThe operating environment could remain volatile in fiscal 2024 as the risk exists that worsening macroeconomic conditions could have a material adverse impact on our future revenue\\ngrowth as well as overall profitability. For more information refer to Item 1A Risk Factors, within Part I, Item 1. Business.\\nRECENT DEVELOPMENTS\\nDuring the first and second quarters of fiscal 2023, we completed the sale of our entity in Chile and our entities in Argentina and Uruguay to third-party distributors, respectively. Now\\nthat we have completed the shift from a wholesale and direct to consumer operating model to a distributor model within our Central and South America (\"CASA\") territory, we expect'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 33, 'page_label': '34', 'start_index': 1556}, page_content='that we have completed the shift from a wholesale and direct to consumer operating model to a distributor model within our Central and South America (\"CASA\") territory, we expect\\nconsolidated NIKE, Inc. and Asia Pacific & Latin America (\"APLA\") revenue growth will be reduced due to different commercial terms. However, over time we expect the future\\noperating model to have a favorable impact on our overall profitability as we reduce selling and administrative expenses, as well as reduce exposure to foreign exchange rate volatility.\\nUSE OF NON-GAAP FINANCIAL MEASURES\\nThroughout this Annual Report on Form 10-K, we discuss non-GAAP financial measures, which should be considered in addition to, and not in lieu of, the financial measures\\ncalculated and presented in accordance with U.S. GAAP. References to these measures should not be considered in isolation or as a substitute for other financial measures calculated'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 33, 'page_label': '34', 'start_index': 2298}, page_content='calculated and presented in accordance with U.S. GAAP. References to these measures should not be considered in isolation or as a substitute for other financial measures calculated\\nand presented in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Management uses these non-GAAP measures when\\nevaluating the Company\\'s performance, including when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide\\ninvestors with additional financial information that should be considered when assessing our underlying business performance and trends.\\nEarnings Before Interest and Taxes (\"EBIT\")\\n: Calculated as Net income before Interest expense (income), net and Income tax expense in the Consolidated Statements of Income.\\nTotal NIKE, Inc. EBIT for fiscal 2023 and fiscal 2022 is as follows:\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nNet income\\n$\\n5,070\\n$\\n6,046'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 33, 'page_label': '34', 'start_index': 3129}, page_content='Total NIKE, Inc. EBIT for fiscal 2023 and fiscal 2022 is as follows:\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nNet income\\n$\\n5,070\\n$\\n6,046\\nAdd: Interest expense (income), net\\n(6)\\n205\\nAdd: Income tax expense\\n1,131\\n605\\nEarnings before interest and taxes\\n$\\n6,195\\n$\\n6,856\\nEBIT Margin\\n: Calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. Our EBIT Margin calculation for fiscal 2023 and fiscal 2022 is as follows:\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nNumerator\\nEarnings before interest and taxes\\n$\\n6,195\\n$\\n6,856\\nDenominator\\nTotal NIKE, Inc. Revenues\\n$\\n51,217\\n$\\n46,710\\nEBIT Margin\\n12.1%\\n14.7%'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 34, 'page_label': '35', 'start_index': 0}, page_content='Return on Invested Capital (\"ROIC\")\\n: Represents a performance measure that management believes is useful information in understanding the Company\\'s ability to effectively\\nmanage invested capital. Our ROIC calculation as of May 31, 2023 and 2022 is as follows:\\nFOR THE TRAILING FOUR QUARTERS\\nENDED\\n(Dollars in millions)\\nMAY 31, 2023\\nMAY 31, 2022\\nNumerator\\nNet income\\n$\\n5,070\\n$\\n6,046\\nAdd: Interest expense (income), net\\n(6)\\n205\\nAdd: Income tax expense\\n1,131\\n605\\nEarnings before interest and taxes\\n6,195\\n6,856\\nIncome tax adjustment\\n(1,130)\\n(624)\\nEarnings before interest and after taxes\\n$\\n5,065\\n$\\n6,232\\nAVERAGE FOR THE TRAILING FIVE\\nQUARTERS ENDED\\nMAY 31, 2023\\nMAY 31, 2022\\nDenominator\\nTotal debt\\n$\\n12,491\\n$\\n12,722\\nAdd: Shareholders\\' equity\\n14,982\\n14,425\\nLess: Cash and equivalents and Short-term investments\\n11,394\\n13,748\\nTotal invested capital\\n$\\n16,079\\n$\\n13,399\\nRETURN ON INVESTED CAPITAL\\n31.5%\\n46.5%\\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 34, 'page_label': '35', 'start_index': 706}, page_content=\"12,722\\nAdd: Shareholders' equity\\n14,982\\n14,425\\nLess: Cash and equivalents and Short-term investments\\n11,394\\n13,748\\nTotal invested capital\\n$\\n16,079\\n$\\n13,399\\nRETURN ON INVESTED CAPITAL\\n31.5%\\n46.5%\\n(1)\\nEquals Earnings before interest and taxes multiplied by the effective tax rate as of the respective quarter end.\\n(2)\\nTotal debt includes the following: 1) Current portion of long-term debt, 2) Notes Payable, 3) Current portion of operating lease liabilities, 4) Long-term debt and 5) Operating lease liabilities.\\nCurrency-neutral revenues\\n: Currency-neutral revenues enhance visibility to underlying business trends, excluding the impact of translation arising from foreign currency exchange\\nrate fluctuations. Currency-neutral revenues are calculated using actual exchange rates in use during the comparative prior year period in place of the exchange rates in use during\\nthe current period.\\nWholesale equivalent revenues\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 34, 'page_label': '35', 'start_index': 1578}, page_content='the current period.\\nWholesale equivalent revenues\\n: References to wholesale equivalent revenues are intended to provide context as to the total size of our NIKE Brand market footprint if we had no\\nNIKE Direct operations. NIKE Brand wholesale equivalent revenues consist of (1) sales to external wholesale customers and (2) internal sales from our wholesale operations to our\\nNIKE Direct operations, which are charged at prices comparable to those charged to external wholesale customers.\\nCOMPARABLE STORE SALES\\nComparable store sales\\n: This key metric, which excludes NIKE Brand Digital sales, comprises revenues from NIKE-owned in-line and factory stores for which all three of the\\nfollowing requirements have been met: (1) the store has been open at least one year, (2) square footage has not changed by more than 15% within the past year and (3) the store has'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 34, 'page_label': '35', 'start_index': 2261}, page_content='following requirements have been met: (1) the store has been open at least one year, (2) square footage has not changed by more than 15% within the past year and (3) the store has\\nnot been permanently repositioned within the past year. Comparable store sales includes revenues from stores that were temporarily closed during the period as a result of COVID-19.\\nComparable store sales represents a performance metric that we believe is useful information for management and investors in understanding the performance of our established\\nNIKE-owned in-line and factory stores. Management considers this metric when making financial and operating decisions. The method of calculating comparable store sales varies\\nacross the retail industry. As a result, our calculation of this metric may not be comparable to similarly titled metrics used by other companies.\\n(1)\\n(2)\\n2023 FORM 10-K \\n30'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 35, 'page_label': '36', 'start_index': 0}, page_content='RESULTS OF OPERATIONS\\n(Dollars in millions, except per share data)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\nFISCAL 2021\\n% CHANGE\\nRevenues\\n$\\n51,217 \\n$\\n46,710 \\n10 \\n%\\n$\\n44,538 \\n5 \\n%\\nCost of sales\\n28,925 \\n25,231 \\n15 \\n%\\n24,576 \\n3 \\n%\\nGross profit\\n22,292 \\n21,479 \\n4 \\n%\\n19,962 \\n8 \\n%\\nGross margin\\n43.5 \\n%\\n46.0 \\n%\\n44.8 \\n%\\nDemand creation expense\\n4,060 \\n3,850 \\n5 \\n%\\n3,114 \\n24 \\n%\\nOperating overhead expense\\n12,317 \\n10,954 \\n12 \\n%\\n9,911 \\n11 \\n%\\nTotal selling and administrative expense\\n16,377 \\n14,804 \\n11 \\n%\\n13,025 \\n14 \\n%\\n% of revenues\\n32.0 \\n%\\n31.7 \\n%\\n29.2 \\n%\\nInterest expense (income), net\\n(6)\\n205 \\n— \\n262 \\n— \\nOther (income) expense, net\\n(280)\\n(181)\\n— \\n14 \\n— \\nIncome before income taxes\\n6,201 \\n6,651 \\n-7 \\n%\\n6,661 \\n0 \\n%\\nIncome tax expense\\n1,131 \\n605 \\n87 \\n%\\n934 \\n-35 \\n%\\nEffective tax rate\\n18.2 \\n%\\n9.1 \\n%\\n14.0 \\n%\\nNET INCOME\\n$\\n5,070\\n \\n$\\n6,046\\n \\n-16\\n \\n%\\n$\\n5,727\\n \\n6\\n \\n%\\nDiluted earnings per common share\\n$\\n3.23 \\n$\\n3.75 \\n-14 \\n%\\n$\\n3.56 \\n5 \\n%\\n2023 FORM 10-K \\n31'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 36, 'page_label': '37', 'start_index': 0}, page_content='CONSOLIDATED OPERATING RESULTS\\nREVENUES\\n(Dollars in millions)\\nFISCAL\\n2023\\nFISCAL\\n2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL\\n2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nNIKE, Inc. Revenues:\\nNIKE Brand Revenues by:\\nFootwear\\n$\\n33,135 \\n$\\n29,143 \\n14 \\n%\\n20 \\n%\\n$\\n28,021 \\n4 \\n%\\n4 \\n%\\nApparel\\n13,843 \\n13,567 \\n2 \\n%\\n8 \\n%\\n12,865 \\n5 \\n%\\n6 \\n%\\nEquipment\\n1,727 \\n1,624 \\n6 \\n%\\n13 \\n%\\n1,382 \\n18 \\n%\\n18 \\n%\\nGlobal Brand Divisions\\n58 \\n102 \\n-43 \\n%\\n-43 \\n%\\n25 \\n308 \\n%\\n302 \\n%\\nTotal NIKE Brand Revenues\\n$\\n48,763\\n \\n$\\n44,436\\n \\n10\\n \\n%\\n16\\n \\n%\\n$\\n42,293\\n \\n5\\n \\n%\\n6\\n \\n%\\nConverse\\n2,427 \\n2,346 \\n3 \\n%\\n8 \\n%\\n2,205 \\n6 \\n%\\n7 \\n%\\nCorporate\\n27 \\n(72)\\n— \\n— \\n40 \\n— \\n— \\nTOTAL NIKE, INC. REVENUES\\n$\\n51,217\\n \\n$\\n46,710\\n \\n10\\n \\n%\\n16\\n \\n%\\n$\\n44,538\\n \\n5\\n \\n%\\n6\\n \\n%\\nSupplemental NIKE Brand Revenues Details:\\nNIKE Brand Revenues by:\\nSales to Wholesale Customers\\n$\\n27,397 \\n$\\n25,608 \\n7 \\n%\\n14 \\n%\\n$\\n25,898 \\n-1 \\n%\\n-1 \\n%\\nSales through NIKE Direct\\n21,308 \\n18,726 \\n14 \\n%\\n20 \\n%\\n16,370 \\n14 \\n%\\n15 \\n%\\nGlobal Brand Divisions\\n58 \\n102 \\n-43 \\n%\\n-43 \\n%\\n25 \\n308 \\n%'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 36, 'page_label': '37', 'start_index': 814}, page_content=\"$\\n27,397 \\n$\\n25,608 \\n7 \\n%\\n14 \\n%\\n$\\n25,898 \\n-1 \\n%\\n-1 \\n%\\nSales through NIKE Direct\\n21,308 \\n18,726 \\n14 \\n%\\n20 \\n%\\n16,370 \\n14 \\n%\\n15 \\n%\\nGlobal Brand Divisions\\n58 \\n102 \\n-43 \\n%\\n-43 \\n%\\n25 \\n308 \\n%\\n302 \\n%\\nTOTAL NIKE BRAND REVENUES\\n$\\n48,763\\n \\n$\\n44,436\\n \\n10\\n \\n%\\n16\\n \\n%\\n$\\n42,293\\n \\n5\\n \\n%\\n6\\n \\n%\\nNIKE Brand Revenues on a Wholesale Equivalent Basis\\n:\\nSales to Wholesale Customers\\n$\\n27,397 \\n$\\n25,608 \\n7 \\n%\\n14 \\n%\\n$\\n25,898 \\n-1 \\n%\\n-1 \\n%\\nSales from our Wholesale Operations to NIKE Direct Operations\\n12,730 \\n10,543 \\n21 \\n%\\n27 \\n%\\n9,872 \\n7 \\n%\\n7 \\n%\\nTOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES\\n$\\n40,127\\n \\n$\\n36,151\\n \\n11\\n \\n%\\n18\\n \\n%\\n$\\n35,770\\n \\n1\\n \\n%\\n1\\n \\n%\\nNIKE Brand Wholesale Equivalent Revenues by:\\nMen's\\n$\\n20,733 \\n$\\n18,797 \\n10 \\n%\\n17 \\n%\\n$\\n18,391 \\n2 \\n%\\n3 \\n%\\nWomen's\\n8,606 \\n8,273 \\n4 \\n%\\n11 \\n%\\n8,225 \\n1 \\n%\\n1 \\n%\\nNIKE Kids'\\n5,038 \\n4,874 \\n3 \\n%\\n10 \\n%\\n4,882 \\n0 \\n%\\n0 \\n%\\nJordan Brand\\n6,589 \\n5,122 \\n29 \\n%\\n35 \\n%\\n4,780 \\n7 \\n%\\n7 \\n%\\nOthers\\n(839)\\n(915)\\n8 \\n%\\n-3 \\n%\\n(508)\\n-80 \\n%\\n-79 \\n%\\nTOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES\\n$\\n40,127\\n \\n$\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 36, 'page_label': '37', 'start_index': 1617}, page_content='3 \\n%\\n10 \\n%\\n4,882 \\n0 \\n%\\n0 \\n%\\nJordan Brand\\n6,589 \\n5,122 \\n29 \\n%\\n35 \\n%\\n4,780 \\n7 \\n%\\n7 \\n%\\nOthers\\n(839)\\n(915)\\n8 \\n%\\n-3 \\n%\\n(508)\\n-80 \\n%\\n-79 \\n%\\nTOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES\\n$\\n40,127\\n \\n$\\n36,151\\n \\n11\\n \\n%\\n18\\n \\n%\\n$\\n35,770\\n \\n1\\n \\n%\\n1\\n \\n%\\n(1)\\nThe percent change excluding currency changes and the presentation of wholesale equivalent revenues represent non-GAAP financial measures. For further information, see \"Use of Non-GAAP Financial Measures\".\\n(2)\\nGlobal Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.\\n(3)\\nCorporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through\\nour central foreign exchange risk management program.\\n(4)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 36, 'page_label': '37', 'start_index': 2430}, page_content=\"our central foreign exchange risk management program.\\n(4)\\nAs a result of the Consumer Direct Acceleration strategy, announced in fiscal 2021, the Company is now organized around a consumer construct of Men's, Women's and Kids'. Beginning in the first quarter of fiscal\\n2022, unisex products are classified within Men's, and Jordan Brand revenues are separately reported. Certain prior year amounts were reclassified to conform to fiscal 2022 presentation. These changes had no impact\\non previously reported consolidated results of operations or shareholders' equity.\\n(5)\\nOthers include products not allocated to Men's, Women's, NIKE Kids' and Jordan Brand, as well as certain adjustments that are not allocated to products designated by consumer.\\n(1)\\n(1)\\n(2)\\n(3)\\n(2)\\n(1)\\n(1),(4)\\n(5)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 37, 'page_label': '38', 'start_index': 0}, page_content='FISCAL 2023 NIKE BRAND REVENUE HIGHLIGHTS\\nThe following tables present NIKE Brand revenues disaggregated by reportable operating segment, distribution channel and major product line:\\nFISCAL 2023 COMPARED TO FISCAL 2022\\n•\\nNIKE, Inc. Revenues were $51.2 billion in fiscal 2023, which increased 10% and 16% compared to fiscal 2022 on a reported and currency-neutral basis, respectively. The\\nincrease was due to higher revenues in North America, Europe, Middle East & Africa (\"EMEA\"), APLA and Greater China, which contributed approximately 7, 6, 2 and 1\\npercentage points to NIKE, Inc. Revenues, respectively.\\n•\\nNIKE Brand revenues, which represented over 90% of NIKE, Inc. Revenues,\\n \\nincreased\\n \\n10% and 16% on a reported and currency-neutral basis, respectively. This increase was\\nprimarily due to higher revenues in Men\\'s, the Jordan Brand, Women\\'s and Kids\\' which grew 17%, 35%,11% and 10%, respectively, on a wholesale equivalent basis.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 37, 'page_label': '38', 'start_index': 781}, page_content='primarily due to higher revenues in Men\\'s, the Jordan Brand, Women\\'s and Kids\\' which grew 17%, 35%,11% and 10%, respectively, on a wholesale equivalent basis.\\n•\\nNIKE Brand footwear revenues increased 20% on a currency-neutral basis, due to higher revenues in Men\\'s, the Jordan Brand, Women\\'s and Kids\\'. Unit sales of footwear\\nincreased 13%, while higher average selling price (\"ASP\") per pair contributed approximately 7 percentage points of footwear revenue growth. Higher ASP was primarily\\ndue to higher full-price ASP, net of discounts, on a wholesale equivalent basis, and growth in the size of our NIKE Direct business, partially offset by lower NIKE Direct\\nASP.\\n•\\nNIKE Brand apparel revenues increased 8% on a currency-neutral basis, primarily due to higher revenues in Men\\'s. Unit sales of apparel increased 4%, while higher ASP'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 37, 'page_label': '38', 'start_index': 1444}, page_content='ASP.\\n•\\nNIKE Brand apparel revenues increased 8% on a currency-neutral basis, primarily due to higher revenues in Men\\'s. Unit sales of apparel increased 4%, while higher ASP\\nper unit contributed approximately 4 percentage points of apparel revenue growth. Higher ASP was primarily due to higher full-price ASP and growth in the size of our\\nNIKE Direct business, partially offset by lower NIKE Direct ASP, reflecting higher promotional activity.\\n•\\nNIKE Direct revenues increased 14% from $18.7 billion in fiscal 2022 to $21.3 billion in fiscal 2023. On a currency-neutral basis, NIKE Direct revenues increased 20% primarily\\ndriven by NIKE Brand Digital sales growth of 24%, comparable store sales growth of 14% and the addition of new stores. For further information regarding comparable store\\nsales, including the definition, see \"Comparable Store Sales\". NIKE Brand Digital sales were $12.6 billion for fiscal 2023 compared to $10.7 billion for fiscal 2022.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 38, 'page_label': '39', 'start_index': 0}, page_content='GROSS MARGIN\\nFISCAL 2023 COMPARED TO FISCAL 2022\\nFor fiscal 2023, our consolidated gross profit increased 4% to $22,292 million compared to $21,479 million for fiscal 2022. Gross margin decreased 250 basis points to 43.5% for fiscal\\n2023 compared to 46.0% for fiscal 2022 due to the following:\\n*Wholesale equivalent\\nThe decrease in gross margin for fiscal 2023 was primarily due to:\\n•\\nHigher NIKE Brand product costs, on a wholesale equivalent basis, primarily due to higher input costs and elevated inbound freight and logistics costs as well as product mix;\\n•\\nLower margin in our NIKE Direct business, driven by higher promotional activity to liquidate inventory in the current period compared to lower promotional activity in the prior\\nperiod resulting from lower available inventory supply;\\n•\\nUnfavorable changes in net foreign currency exchange rates, including hedges; and\\n•\\nLower off-price margin, on a wholesale equivalent basis.\\nThis was partially offset by:\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 38, 'page_label': '39', 'start_index': 795}, page_content='•\\nUnfavorable changes in net foreign currency exchange rates, including hedges; and\\n•\\nLower off-price margin, on a wholesale equivalent basis.\\nThis was partially offset by:\\n•\\nHigher NIKE Brand full-price ASP, net of discounts, on a wholesale equivalent basis, due primarily to strategic pricing actions and product mix; and\\n•\\nLower other costs, primarily due to higher inventory obsolescence reserves recognized in Greater China in the fourth quarter of fiscal 2022.\\nTOTAL SELLING AND ADMINISTRATIVE EXPENSE\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\nFISCAL 2021\\n% CHANGE\\nDemand creation expense\\n$\\n4,060 \\n$\\n3,850 \\n5 \\n%\\n$\\n3,114 \\n24 \\n%\\nOperating overhead expense\\n12,317 \\n10,954 \\n12 \\n%\\n9,911 \\n11 \\n%\\nTotal selling and administrative expense\\n$\\n16,377 \\n$\\n14,804 \\n11 \\n%\\n$\\n13,025 \\n14 \\n%\\n% of revenues\\n32.0 \\n%\\n31.7 \\n%\\n30 \\n bps\\n29.2 \\n%\\n250 \\n bps\\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 38, 'page_label': '39', 'start_index': 1468}, page_content='12,317 \\n10,954 \\n12 \\n%\\n9,911 \\n11 \\n%\\nTotal selling and administrative expense\\n$\\n16,377 \\n$\\n14,804 \\n11 \\n%\\n$\\n13,025 \\n14 \\n%\\n% of revenues\\n32.0 \\n%\\n31.7 \\n%\\n30 \\n bps\\n29.2 \\n%\\n250 \\n bps\\n(1)\\nDemand creation expense consists of advertising and promotion costs, including costs of endorsement contracts, complimentary product, television, digital and print advertising and media costs, brand events and retail\\nbrand presentation.\\nFISCAL 2023 COMPARED TO FISCAL 2022\\nDemand creation expense increased 5% for fiscal 2023, primarily due to higher advertising and marketing expense and higher sports marketing expense. Changes in foreign currency\\nexchange rates decreased Demand creation expense by approximately 4 percentage points.\\nOperating overhead expense increased 12%, primarily due to higher wage-related expenses, NIKE Direct variable costs, strategic technology enterprise investments and other'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 38, 'page_label': '39', 'start_index': 2184}, page_content='Operating overhead expense increased 12%, primarily due to higher wage-related expenses, NIKE Direct variable costs, strategic technology enterprise investments and other\\nadministrative costs. Changes in foreign currency exchange rates decreased Operating overhead expense by approximately 3 percentage points.\\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 39, 'page_label': '40', 'start_index': 0}, page_content='OTHER (INCOME) EXPENSE, NET\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\nFISCAL 2021\\nOther (income) expense, net\\n$\\n(280)\\n$\\n(181)\\n$\\n14 \\nOther (income) expense, net comprises foreign currency conversion gains and losses from the remeasurement of monetary assets and liabilities denominated in non-functional\\ncurrencies and the impact of certain foreign currency derivative instruments, as well as unusual or non-operating transactions that are outside the normal course of business.\\nFISCAL 2023 COMPARED TO FISCAL 2022\\nOther (income) expense, net increased from $181 million of other income, net in fiscal 2022 to $280 million in the current fiscal year, primarily due to a net favorable change in foreign\\ncurrency conversion gains and losses, including hedges, and the one-time charge related to the deconsolidation of our Russian operations recognized in the prior year. This increase'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 39, 'page_label': '40', 'start_index': 705}, page_content='currency conversion gains and losses, including hedges, and the one-time charge related to the deconsolidation of our Russian operations recognized in the prior year. This increase\\nwas partially offset by net unfavorable activity related to our strategic distributor partnership transition within APLA, including the loss recognized upon the completion of the sale of our\\nentities in Argentina and Uruguay to a third-party distributor in the second quarter of fiscal 2023.\\nFor more information related to our distributor partnership transition within APLA, see Note 18 — Acquisitions and Divestitures within the accompanying Notes to the Consolidated\\nFinancial Statements.\\nWe estimate the combination of the translation of foreign currency-denominated profits from our international businesses, and the year-over-year change in foreign currency-related'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 39, 'page_label': '40', 'start_index': 1378}, page_content='We estimate the combination of the translation of foreign currency-denominated profits from our international businesses, and the year-over-year change in foreign currency-related\\ngains and losses included in Other (income) expense, net had an unfavorable impact on our Income before income taxes of $1,023 million for fiscal 2023.\\nINCOME TAXES\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\nFISCAL 2021\\n% CHANGE\\nEffective tax rate\\n18.2 \\n%\\n9.1 \\n%\\n910 bps\\n14.0 \\n%\\n(490) bps\\nFISCAL 2023 COMPARED TO FISCAL 2022\\nOur effective tax rate was 18.2% for fiscal 2023, compared to 9.1% for fiscal 2022, primarily due to decreased benefits from stock-based compensation and a non-cash, one-time\\nbenefit in the prior year related to the onshoring of certain non-U.S. intangible property ownership rights.\\nOn August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that includes, among other provisions, changes to the U.S. corporate income tax system,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 39, 'page_label': '40', 'start_index': 2157}, page_content='On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that includes, among other provisions, changes to the U.S. corporate income tax system,\\nincluding a fifteen percent minimum tax based on \"adjusted financial statement income,\" which is effective for NIKE beginning June 1, 2023. Based on our current analysis of the\\nprovisions, we do not expect these tax law changes to have a material impact on our financial statements; however, we will continue to evaluate their impact as further information\\nbecomes available.\\n2023 FORM 10-K \\n35'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 40, 'page_label': '41', 'start_index': 0}, page_content=\"OPERATING SEGMENTS\\nAs discussed in Note 15 — Operating Segments and Related Information in the accompanying Notes to the Consolidated Financial Statements, our operating segments are evidence\\nof the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.\\nThe breakdown of Revenues is as follows:\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL 2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nNorth America\\n$\\n21,608 \\n$\\n18,353 \\n18 \\n%\\n18 \\n%\\n$\\n17,179 \\n7 \\n%\\n7 \\n%\\nEurope, Middle East & Africa\\n13,418 \\n12,479 \\n8 \\n%\\n21 \\n%\\n11,456 \\n9 \\n%\\n12 \\n%\\nGreater China\\n7,248 \\n7,547 \\n-4 \\n%\\n4 \\n%\\n8,290 \\n-9 \\n%\\n-13 \\n%\\nAsia Pacific & Latin America\\n6,431 \\n5,955 \\n8 \\n%\\n17 \\n%\\n5,343 \\n11 \\n%\\n16 \\n%\\nGlobal Brand Divisions\\n58 \\n102 \\n-43 \\n%\\n-43 \\n%\\n25 \\n308 \\n%\\n302 \\n%\\nTOTAL NIKE BRAND\\n$\\n48,763\\n \\n$\\n44,436\\n \\n10\\n \\n%\\n16\\n \\n%\\n$\\n42,293\\n \\n5\\n \\n%\\n6\\n \\n%\\nConverse\\n2,427 \\n2,346 \\n3 \\n%\\n8 \\n%\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 40, 'page_label': '41', 'start_index': 801}, page_content='%\\n17 \\n%\\n5,343 \\n11 \\n%\\n16 \\n%\\nGlobal Brand Divisions\\n58 \\n102 \\n-43 \\n%\\n-43 \\n%\\n25 \\n308 \\n%\\n302 \\n%\\nTOTAL NIKE BRAND\\n$\\n48,763\\n \\n$\\n44,436\\n \\n10\\n \\n%\\n16\\n \\n%\\n$\\n42,293\\n \\n5\\n \\n%\\n6\\n \\n%\\nConverse\\n2,427 \\n2,346 \\n3 \\n%\\n8 \\n%\\n2,205 \\n6 \\n%\\n7 \\n%\\nCorporate\\n27 \\n(72)\\n— \\n— \\n40 \\n— \\n— \\nTOTAL NIKE, INC. REVENUES\\n$\\n51,217\\n \\n$\\n46,710\\n \\n10\\n \\n%\\n16\\n \\n%\\n$\\n44,538\\n \\n5\\n \\n%\\n6\\n \\n%\\n(1)    The percent change excluding currency changes represents a non-GAAP financial measure. For further information, see \"Use of Non-GAAP Financial Measures\".\\n(2)    For additional information on the transition of our NIKE Brand businesses within our CASA territory to a third-party distributor, see Note 18 — Acquisitions and Divestitures of the Notes to Consolidated Financial\\nStatements contained in Item 8 of this Annual Report.\\n(3)    Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 40, 'page_label': '41', 'start_index': 1573}, page_content='(3)    Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.\\n(4)    Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through our\\ncentral foreign exchange risk management program.\\nThe primary financial measure used by the Company to evaluate performance is Earnings Before Interest and Taxes (\"EBIT\"). As discussed in Note 15 — Operating Segments and\\nRelated Information in the accompanying Notes to the Consolidated Financial Statements, certain corporate costs are not included in EBIT.\\nThe breakdown of EBIT is as follows:\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\nFISCAL 2021\\n% CHANGE\\nNorth America\\n$\\n5,454 \\n$\\n5,114 \\n7 \\n%\\n$\\n5,089 \\n0 \\n%\\nEurope, Middle East & Africa\\n3,531 \\n3,293 \\n7 \\n%\\n2,435 \\n35 \\n%\\nGreater China\\n2,283 \\n2,365 \\n-3 \\n%\\n3,243'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 40, 'page_label': '41', 'start_index': 2376}, page_content='FISCAL 2022\\n% CHANGE\\nFISCAL 2021\\n% CHANGE\\nNorth America\\n$\\n5,454 \\n$\\n5,114 \\n7 \\n%\\n$\\n5,089 \\n0 \\n%\\nEurope, Middle East & Africa\\n3,531 \\n3,293 \\n7 \\n%\\n2,435 \\n35 \\n%\\nGreater China\\n2,283 \\n2,365 \\n-3 \\n%\\n3,243 \\n-27 \\n%\\nAsia Pacific & Latin America\\n1,932 \\n1,896 \\n2 \\n%\\n1,530 \\n24 \\n%\\nGlobal Brand Divisions\\n(4,841)\\n(4,262)\\n-14 \\n%\\n(3,656)\\n-17 \\n%\\nTOTAL NIKE BRAND\\n$\\n8,359\\n \\n$\\n8,406\\n \\n-1\\n \\n%\\n$\\n8,641\\n \\n-3\\n \\n%\\nConverse\\n676 \\n669 \\n1 \\n%\\n543 \\n23 \\n%\\nCorporate\\n(2,840)\\n(2,219)\\n-28 \\n%\\n(2,261)\\n2 \\n%\\nTOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES\\n$\\n6,195\\n \\n$\\n6,856\\n \\n-10\\n \\n%\\n$\\n6,923\\n \\n-1\\n \\n%\\nEBIT margin\\n12.1 \\n%\\n14.7 \\n%\\n15.5 \\n%\\nInterest expense (income), net\\n(6)\\n205 \\n— \\n262 \\n— \\nTOTAL NIKE, INC. INCOME BEFORE INCOME TAXES\\n$\\n6,201\\n \\n$\\n6,651\\n \\n-7\\n \\n%\\n$\\n6,661\\n \\n0\\n \\n%\\n(1)    Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT Margin represent non-GAAP financial measures. See \"Use of Non-GAAP Financial Measures\" for further information.\\n(1)\\n(1)\\n(2)\\n(3)\\n(4)\\n(1)\\n(1)\\n(1)\\n2023 FORM 10-K \\n36'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 41, 'page_label': '42', 'start_index': 0}, page_content=\"NORTH AMERICA\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL 2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nRevenues by:\\nFootwear\\n$\\n14,897 \\n$\\n12,228 \\n22 \\n%\\n22 \\n%\\n$\\n11,644 \\n5 \\n%\\n5 \\n%\\nApparel\\n5,947 \\n5,492 \\n8 \\n%\\n9 \\n%\\n5,028 \\n9 \\n%\\n9 \\n%\\nEquipment\\n764 \\n633 \\n21 \\n%\\n21 \\n%\\n507 \\n25 \\n%\\n25 \\n%\\nTOTAL REVENUES\\n$\\n21,608\\n \\n$\\n18,353\\n \\n18\\n \\n%\\n18\\n \\n%\\n$\\n17,179\\n \\n7\\n \\n%\\n7\\n \\n%\\nRevenues by:\\n \\n \\n \\nSales to Wholesale Customers\\n$\\n11,273 \\n$\\n9,621 \\n17 \\n%\\n18 \\n%\\n$\\n10,186 \\n-6 \\n%\\n-6 \\n%\\nSales through NIKE Direct\\n10,335 \\n8,732 \\n18 \\n%\\n18 \\n%\\n6,993 \\n25 \\n%\\n25 \\n%\\nTOTAL REVENUES\\n$\\n21,608\\n \\n$\\n18,353\\n \\n18\\n \\n%\\n18\\n \\n%\\n$\\n17,179\\n \\n7\\n \\n%\\n7\\n \\n%\\nEARNINGS BEFORE INTEREST AND TAXES\\n$\\n5,454\\n \\n$\\n5,114\\n \\n7\\n \\n%\\n$\\n5,089\\n \\n0\\n \\n%\\nFISCAL 2023 COMPARED TO FISCAL 2022\\n•\\nNorth America revenues increased 18% on a currency-neutral basis, primarily due to higher revenues in Men's and the Jordan Brand. NIKE Direct revenues increased 18%,\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 41, 'page_label': '42', 'start_index': 768}, page_content=\"•\\nNorth America revenues increased 18% on a currency-neutral basis, primarily due to higher revenues in Men's and the Jordan Brand. NIKE Direct revenues increased 18%,\\ndriven by strong digital sales growth of 23%, comparable store sales growth of 9% and the addition of new stores.\\n•\\nFootwear revenues increased 22% on a currency-neutral basis, primarily due to higher revenues in Men's and the Jordan Brand. Unit sales of footwear increased 17%, while\\nhigher ASP per pair contributed approximately 5 percentage points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth in\\nNIKE Direct, partially offset by lower NIKE Direct ASP, reflecting higher promotional activity as well as lower available inventory supply in the prior period and a lower mix of full-\\nprice sales.\\n•\\nApparel revenues increased 9% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of apparel increased 7%, while higher ASP per unit contributed\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 41, 'page_label': '42', 'start_index': 1576}, page_content=\"price sales.\\n•\\nApparel revenues increased 9% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of apparel increased 7%, while higher ASP per unit contributed\\napproximately 2 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to higher full-price ASP and growth in NIKE Direct, partially offset by lower\\nNIKE Direct ASP, reflecting higher promotional activity.\\nReported EBIT increased 7% due to higher revenues and the following:\\n•\\nGross margin contraction of 310 basis points primarily due to higher product costs, reflecting higher input costs and inbound freight and logistics costs and product mix, lower\\nmargins in NIKE Direct due to higher promotional activity and a lower mix of full-price sales. This was partially offset by higher full-price ASP, net of discounts, largely due to\\nstrategic pricing actions and product mix.\\n•\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 41, 'page_label': '42', 'start_index': 2429}, page_content='strategic pricing actions and product mix.\\n•\\nSelling and administrative expense increased 15% due to higher operating overhead and demand creation expense. The increase in operating overhead expense was primarily\\ndue to higher wage-related costs and higher NIKE Direct variable costs, in part due to new store additions. Demand creation expense increased primarily due to higher sports\\nmarketing expense and an increase in digital marketing.\\n2023 FORM 10-K \\n37'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 42, 'page_label': '43', 'start_index': 0}, page_content=\"EUROPE, MIDDLE EAST & AFRICA\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL 2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nRevenues by:\\nFootwear\\n$\\n8,260 \\n$\\n7,388 \\n12 \\n%\\n25 \\n%\\n$\\n6,970 \\n6 \\n%\\n9 \\n%\\nApparel\\n4,566 \\n4,527 \\n1 \\n%\\n14 \\n%\\n3,996 \\n13 \\n%\\n16 \\n%\\nEquipment\\n592 \\n564 \\n5 \\n%\\n18 \\n%\\n490 \\n15 \\n%\\n17 \\n%\\nTOTAL REVENUES\\n$\\n13,418\\n \\n$\\n12,479\\n \\n8\\n \\n%\\n21\\n \\n%\\n$\\n11,456\\n \\n9\\n \\n%\\n12\\n \\n%\\nRevenues by:\\n \\n \\n \\nSales to Wholesale Customers\\n$\\n8,522 \\n$\\n8,377 \\n2 \\n%\\n15 \\n%\\n$\\n7,812 \\n7 \\n%\\n10 \\n%\\nSales through NIKE Direct\\n4,896 \\n4,102 \\n19 \\n%\\n33 \\n%\\n3,644 \\n13 \\n%\\n15 \\n%\\nTOTAL REVENUES\\n$\\n13,418\\n \\n$\\n12,479\\n \\n8\\n \\n%\\n21\\n \\n%\\n$\\n11,456\\n \\n9\\n \\n%\\n12\\n \\n%\\nEARNINGS BEFORE INTEREST AND TAXES\\n$\\n3,531\\n \\n$\\n3,293\\n \\n7\\n \\n%\\n$\\n2,435\\n \\n35\\n \\n%\\n \\nFISCAL 2023 COMPARED TO FISCAL 2022\\n•\\nEMEA revenues increased 21% on a currency-neutral basis, due to higher revenues in Men's, the Jordan Brand, Women's and Kids'. NIKE Direct revenues increased 33%,\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 42, 'page_label': '43', 'start_index': 780}, page_content=\"•\\nEMEA revenues increased 21% on a currency-neutral basis, due to higher revenues in Men's, the Jordan Brand, Women's and Kids'. NIKE Direct revenues increased 33%,\\ndriven primarily by strong digital sales growth of 43% and comparable store sales growth of 22%.\\n•\\nFootwear revenues increased 25% on a currency-neutral basis, due to higher revenues in Men's, the Jordan Brand, Women's and Kids'. Unit sales of footwear increased 9%,\\nwhile higher ASP per pair contributed approximately 16 percentage points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth\\nin NIKE Direct.\\n•\\nApparel revenues increased 14% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of apparel increased 2%, while higher ASP per unit\\ncontributed approximately 12 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to higher full-price ASP and growth in NIKE Direct, partially\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 42, 'page_label': '43', 'start_index': 1570}, page_content='contributed approximately 12 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to higher full-price ASP and growth in NIKE Direct, partially\\noffset by lower NIKE Direct ASP, reflecting higher promotional activity.\\nReported EBIT increased 7% due to higher revenues and the following:\\n•\\nGross margin contraction of 60 basis points primarily due to higher product costs reflecting higher input costs, inbound freight and logistics costs and product mix, higher other\\ncosts and unfavorable changes in standard foreign currency exchange rates. This was partially offset by higher full-price ASP, net of discounts, primarily due to strategic pricing\\nactions and product mix.\\n•\\nSelling and administrative expense increased 4% due to higher operating overhead and demand creation expense. Operating overhead expense increased primarily due to'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 42, 'page_label': '43', 'start_index': 2247}, page_content='actions and product mix.\\n•\\nSelling and administrative expense increased 4% due to higher operating overhead and demand creation expense. Operating overhead expense increased primarily due to\\nhigher wage-related expenses and other administrative costs, partially offset by favorable changes in foreign currency exchange rates. Demand creation expense increased\\nprimarily due to higher advertising and marketing expense, partially offset by favorable changes in foreign currency exchange rates.\\n2023 FORM 10-K \\n38'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 43, 'page_label': '44', 'start_index': 0}, page_content=\"GREATER CHINA\\n(Dollars in millions)\\nFISCAL\\n2023\\nFISCAL\\n2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL\\n2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nRevenues by:\\nFootwear\\n$\\n5,435 \\n$\\n5,416 \\n0 \\n%\\n8 \\n%\\n$\\n5,748 \\n-6 \\n%\\n-10 \\n%\\nApparel\\n1,666 \\n1,938 \\n-14 \\n%\\n-7 \\n%\\n2,347 \\n-17 \\n%\\n-21 \\n%\\nEquipment\\n147 \\n193 \\n-24 \\n%\\n-18 \\n%\\n195 \\n-1 \\n%\\n-6 \\n%\\nTOTAL REVENUES\\n$\\n7,248\\n \\n$\\n7,547\\n \\n-4\\n \\n%\\n4\\n \\n%\\n$\\n8,290\\n \\n-9\\n \\n%\\n-13\\n \\n%\\nRevenues by:\\n \\n \\n \\nSales to Wholesale Customers\\n$\\n3,866 \\n$\\n4,081 \\n-5 \\n%\\n2 \\n%\\n$\\n4,513 \\n-10 \\n%\\n-14 \\n%\\nSales through NIKE Direct\\n3,382 \\n3,466 \\n-2 \\n%\\n5 \\n%\\n3,777 \\n-8 \\n%\\n-12 \\n%\\nTOTAL REVENUES\\n$\\n7,248\\n \\n$\\n7,547\\n \\n-4\\n \\n%\\n4\\n \\n%\\n$\\n8,290\\n \\n-9\\n \\n%\\n-13\\n \\n%\\nEARNINGS BEFORE INTEREST AND TAXES\\n$\\n2,283\\n \\n$\\n2,365\\n \\n-3\\n \\n%\\n \\n$\\n3,243\\n \\n-27\\n \\n%\\n \\nFISCAL 2023 COMPARED TO FISCAL 2022\\n•\\nGreater China revenues increased 4% on a currency-neutral basis, primarily due to higher revenues in the Jordan Brand, partially offset by lower revenues in Men's and\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 43, 'page_label': '44', 'start_index': 778}, page_content=\"•\\nGreater China revenues increased 4% on a currency-neutral basis, primarily due to higher revenues in the Jordan Brand, partially offset by lower revenues in Men's and\\nWomen's. NIKE Direct revenues increased 5%, due to comparable store sales growth of 9% and the addition of new stores, partially offset by digital sales declines of 4%.\\n•\\nFootwear revenues increased 8% on a currency-neutral basis, primarily due to higher revenues in the Jordan Brand and Men's. Unit sales of footwear increased 7%, while higher\\nASP per pair contributed approximately 1 percentage point of footwear revenue growth. Higher ASP per pair was primarily due to higher NIKE Direct ASP and a higher mix of full-\\nprice sales, largely offset by a lower mix of NIKE Direct sales.\\n•\\nApparel revenues decreased 7% on a currency-neutral basis, primarily due to lower revenues in Men's and Women's. Unit sales of apparel decreased 8%, while higher ASP per\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 43, 'page_label': '44', 'start_index': 1533}, page_content=\"•\\nApparel revenues decreased 7% on a currency-neutral basis, primarily due to lower revenues in Men's and Women's. Unit sales of apparel decreased 8%, while higher ASP per\\nunit contributed approximately 1 percentage point of apparel revenue growth. Higher ASP per unit was primarily due to a higher mix of full price sales, partially offset by lower off-\\nprice ASP.\\nReported EBIT decreased 3% due to lower revenues and the following:\\n•\\nGross margin expansion of approximately 140 basis points, primarily due to higher inventory obsolescence reserves recognized in the fourth quarter of fiscal 2022, favorable\\nchanges in standard foreign currency exchange rates and higher full-price ASP, net of discounts, in part due to product mix. This was partially offset by higher product costs\\nreflecting higher input costs and product mix.\\n•\\nSelling and administrative expense was flat due to increased operating overhead expense offset by lower demand creation expense. The increase in operating overhead\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 43, 'page_label': '44', 'start_index': 2364}, page_content='•\\nSelling and administrative expense was flat due to increased operating overhead expense offset by lower demand creation expense. The increase in operating overhead\\nexpense was primarily due to higher wage-related expenses and other administrative costs, partially offset by favorable changes in foreign currency exchange rates. Demand\\ncreation expense decreased primarily due to lower retail brand presentation costs, lower digital marketing and favorable changes in foreign currency exchange rates, partially\\noffset by higher advertising and marketing expense.\\n2023 FORM 10-K \\n39'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 44, 'page_label': '45', 'start_index': 0}, page_content='ASIA PACIFIC & LATIN AMERICA\\n(Dollars in millions)\\nFISCAL\\n2023\\nFISCAL\\n2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL\\n2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nRevenues by:\\nFootwear\\n$\\n4,543 \\n$\\n4,111 \\n11 \\n%\\n19 \\n%\\n$\\n3,659 \\n12 \\n%\\n17 \\n%\\nApparel\\n1,664 \\n1,610 \\n3 \\n%\\n13 \\n%\\n1,494 \\n8 \\n%\\n12 \\n%\\nEquipment\\n224 \\n234 \\n-4 \\n%\\n4 \\n%\\n190 \\n23 \\n%\\n28 \\n%\\nTOTAL REVENUES\\n$\\n6,431\\n \\n$\\n5,955\\n \\n8\\n \\n%\\n17\\n \\n%\\n$\\n5,343\\n \\n11\\n \\n%\\n16\\n \\n%\\nRevenues by:\\nSales to Wholesale Customers\\n$\\n3,736 \\n$\\n3,529 \\n6 \\n%\\n14 \\n%\\n$\\n3,387 \\n4 \\n%\\n8 \\n%\\nSales through NIKE Direct\\n2,695 \\n2,426 \\n11 \\n%\\n22 \\n%\\n1,956 \\n24 \\n%\\n30 \\n%\\nTOTAL REVENUES\\n$\\n6,431\\n \\n$\\n5,955\\n \\n8\\n \\n%\\n17\\n \\n%\\n$\\n5,343\\n \\n11\\n \\n%\\n16\\n \\n%\\nEARNINGS BEFORE INTEREST AND TAXES\\n$\\n1,932\\n \\n$\\n1,896\\n \\n2\\n \\n%\\n$\\n1,530\\n \\n24\\n \\n%\\nAs discussed previously, our NIKE Brand business in Brazil transitioned to a distributor operating model during fiscal 2021. We completed the sale of our entity in Chile and our'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 44, 'page_label': '45', 'start_index': 713}, page_content='%\\n$\\n1,530\\n \\n24\\n \\n%\\nAs discussed previously, our NIKE Brand business in Brazil transitioned to a distributor operating model during fiscal 2021. We completed the sale of our entity in Chile and our\\nentities in Argentina and Uruguay to third-party distributors in the first and second quarters of fiscal 2023, respectively. The impacts of closing these transactions are included within\\nCorporate and are not reflected in the APLA operating segment results. This completed the transition of our NIKE Brand businesses within our CASA marketplace, which now reflects\\na full distributor operating model. For more information see Note 18 — Acquisitions and Divestitures within the accompanying Notes to the Consolidated Financial Statements.\\nFISCAL 2023 COMPARED TO FISCAL 2022\\n•\\nAPLA revenues increased 17% on a currency-neutral basis due to higher revenues across nearly all territories, led by Southeast Asia and India, Korea and Japan. The increase'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 44, 'page_label': '45', 'start_index': 1484}, page_content=\"•\\nAPLA revenues increased 17% on a currency-neutral basis due to higher revenues across nearly all territories, led by Southeast Asia and India, Korea and Japan. The increase\\nwas partially offset by a decline in our CASA territory. Within our CASA territory, the transition of our Chile, Argentina and Uruguay entities to a third-party distributor operating\\nmodel reduced APLA revenue growth by approximately 5 percentage points. Revenues increased primarily due to growth in Men's, Women's and the Jordan Brand. NIKE Direct\\nrevenues increased 22%, driven by digital sales growth of 23% and comparable store sales growth of 28%.\\n•\\nFootwear revenues increased 19% on a currency-neutral basis, primarily due to higher revenues in Men's, Women's and the Jordan Brand. Unit sales of footwear increased 16%,\\nwhile higher ASP per pair contributed approximately 3 percentage points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth in\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 44, 'page_label': '45', 'start_index': 2287}, page_content=\"while higher ASP per pair contributed approximately 3 percentage points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and growth in\\nNIKE Direct, partially offset by lower NIKE Direct ASP.\\n•\\nApparel revenues increased 13% on a currency-neutral basis, primarily due to higher revenues in Men's. Unit sales of apparel increased 9%, while higher ASP per unit\\ncontributed approximately 4 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to higher full-price and off-price ASPs, partially offset by lower\\nNIKE Direct ASP.\\nReported EBIT increased 2% due to higher revenues and the following:\\n•\\nGross margin contraction of approximately 190 basis points primarily due to higher product costs, reflecting product mix and higher input costs, as well as unfavorable changes in\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 44, 'page_label': '45', 'start_index': 2951}, page_content='•\\nGross margin contraction of approximately 190 basis points primarily due to higher product costs, reflecting product mix and higher input costs, as well as unfavorable changes in\\nstandard foreign currency exchange rates. This was partially offset by higher full-price ASP, net of discounts, due to product mix and strategic pricing actions.\\n•\\nSelling and administrative expense increased 8% due to higher operating overhead and demand creation expense. Operating overhead expense increased primarily due to\\nhigher wage-related expenses and an increase in NIKE Direct variable costs, partially offset by favorable changes in foreign currency exchange rates. Demand creation expense\\nincreased primarily due to higher sports marketing expense and higher advertising and marketing expense, partially offset by favorable changes in foreign currency exchange\\nrates.\\n2023 FORM 10-K \\n40'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 45, 'page_label': '46', 'start_index': 0}, page_content=\"GLOBAL BRAND DIVISIONS\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL 2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nRevenues\\n$\\n58 \\n$\\n102 \\n-43 \\n%\\n-43 \\n%\\n$\\n25 \\n308 \\n%\\n302 \\n%\\nEarnings (Loss) Before Interest and Taxes\\n$\\n(4,841)\\n$\\n(4,262)\\n-14 \\n%\\n$\\n(3,656)\\n-17 \\n%\\n \\nGlobal Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE\\nBrand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other\\nmiscellaneous revenues that are not part of a geographic operating segment.\\nFISCAL 2023 COMPARED TO FISCAL 2022\\nGlobal Brand Divisions' loss before interest and taxes increased 14% for fiscal 2023 primarily due to a 12% increase in selling and administrative expense from higher operating\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 45, 'page_label': '46', 'start_index': 781}, page_content=\"Global Brand Divisions' loss before interest and taxes increased 14% for fiscal 2023 primarily due to a 12% increase in selling and administrative expense from higher operating\\noverhead expense largely driven by higher wage-related costs and strategic technology enterprise investments.\\nCONVERSE\\n(Dollars in millions)\\nFISCAL\\n2023\\nFISCAL\\n2022\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nFISCAL\\n2021\\n% CHANGE\\n% CHANGE\\nEXCLUDING\\nCURRENCY\\nCHANGES\\nRevenues by:\\nFootwear\\n$\\n2,155 \\n$\\n2,094 \\n3 \\n%\\n8 \\n%\\n$\\n1,986 \\n5 \\n%\\n6 \\n%\\nApparel\\n90 \\n103 \\n-13 \\n%\\n-7 \\n%\\n104 \\n-1 \\n%\\n-3 \\n%\\nEquipment\\n28 \\n26 \\n8 \\n%\\n16 \\n%\\n29 \\n-10 \\n%\\n-16 \\n%\\nOther\\n154 \\n123 \\n25 \\n%\\n25 \\n%\\n86 \\n43 \\n%\\n42 \\n%\\nTOTAL REVENUES\\n$\\n2,427\\n \\n$\\n2,346\\n \\n3\\n \\n%\\n8\\n \\n%\\n$\\n2,205\\n \\n6\\n \\n%\\n7\\n \\n%\\nRevenues by:\\nSales to Wholesale Customers\\n$\\n1,299 \\n$\\n1,292 \\n1 \\n%\\n7 \\n%\\n$\\n1,353 \\n-5 \\n%\\n-4 \\n%\\nSales through Direct to Consumer\\n974 \\n931 \\n5 \\n%\\n8 \\n%\\n766 \\n22 \\n%\\n22 \\n%\\nOther\\n154 \\n123 \\n25 \\n%\\n25 \\n%\\n86 \\n43 \\n%\\n42 \\n%\\nTOTAL REVENUES\\n$\\n2,427\\n \\n$\\n2,346\\n \\n3\\n \\n%\\n8\\n \\n%\\n$\\n2,205\\n \\n6\\n \\n%\\n7\\n \\n%\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 45, 'page_label': '46', 'start_index': 1580}, page_content='-5 \\n%\\n-4 \\n%\\nSales through Direct to Consumer\\n974 \\n931 \\n5 \\n%\\n8 \\n%\\n766 \\n22 \\n%\\n22 \\n%\\nOther\\n154 \\n123 \\n25 \\n%\\n25 \\n%\\n86 \\n43 \\n%\\n42 \\n%\\nTOTAL REVENUES\\n$\\n2,427\\n \\n$\\n2,346\\n \\n3\\n \\n%\\n8\\n \\n%\\n$\\n2,205\\n \\n6\\n \\n%\\n7\\n \\n%\\nEARNINGS BEFORE INTEREST AND TAXES\\n$\\n676\\n \\n$\\n669\\n \\n1\\n \\n%\\n$\\n543\\n \\n23\\n \\n%\\n(1)    Other revenues consist of territories serviced by third-party licensees who pay royalties to Converse for the use of its registered trademarks and other intellectual property rights. We do not own the Converse trademarks\\nin Japan and accordingly do not earn revenues in Japan.\\nFISCAL 2023 COMPARED TO FISCAL 2022\\n•\\nConverse revenues increased 8% on a currency-neutral basis for fiscal 2023 due to revenue growth in North America, Western Europe and licensee markets, partially offset by\\ndeclines in Asia. Combined unit sales within the wholesale and direct to consumer channels increased 1% while ASP increased 6%, driven by strategic pricing actions in Western\\nEurope and North America.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 45, 'page_label': '46', 'start_index': 2516}, page_content='Europe and North America.\\n•\\nDirect to consumer revenues increased 8% on a currency-neutral basis, led by strong digital sales growth in North America.\\n•\\nWholesale revenues increased 7% on a currency-neutral basis, as growth in North America and Western Europe was partially offset by declines in Asia due to marketplace\\ndynamics in China.\\nReported EBIT increased 1% due to higher revenues and the following:\\n•\\nGross margin expansion of approximately 50 basis points as higher full-price ASP, net of discounts, lower other costs, and growth in licensee revenues were partially offset by\\nhigher product costs, lower margins in direct to consumer in part reflecting increased promotional activity, and unfavorable changes in standard foreign currency exchange rates.\\n•\\nSelling and administrative expense increased 7% due to higher operating overhead and demand creation expense. Operating overhead expense increased primarily as a result'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 45, 'page_label': '46', 'start_index': 3280}, page_content='•\\nSelling and administrative expense increased 7% due to higher operating overhead and demand creation expense. Operating overhead expense increased primarily as a result\\nof higher wage-related expenses. Demand creation expense increased as a result of higher advertising and marketing costs, partially offset by lower retail brand presentation\\ncosts.\\n(1)\\n(1)\\n2023 FORM 10-K \\n41'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 46, 'page_label': '47', 'start_index': 0}, page_content='CORPORATE\\n(Dollars in millions)\\nFISCAL 2023\\nFISCAL 2022\\n% CHANGE\\nFISCAL 2021\\n% CHANGE\\nRevenues\\n$\\n27 \\n$\\n(72)\\n— \\n$\\n40 \\n— \\nEarnings (Loss) Before Interest and Taxes\\n$\\n(2,840)\\n$\\n(2,219)\\n-28 \\n%\\n$\\n(2,261)\\n2 \\n%\\nCorporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and\\nConverse, but managed through our central foreign exchange risk management program.\\nThe Corporate loss before interest and taxes primarily consists of unallocated general and administrative expenses, including expenses associated with centrally managed\\ndepartments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation;\\nand certain foreign currency gains and losses.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 46, 'page_label': '47', 'start_index': 811}, page_content=\"and certain foreign currency gains and losses.\\nIn addition to the foreign currency gains and losses recognized in Corporate revenues, foreign currency results in Corporate include gains and losses resulting from the difference\\nbetween actual foreign currency exchange rates and standard rates used to record non-functional currency denominated product purchases within the NIKE Brand geographic\\noperating segments and Converse; related foreign currency hedge results; conversion gains and losses arising from remeasurement of monetary assets and liabilities in non-functional\\ncurrencies; and certain other foreign currency derivative instruments.\\nFISCAL 2023 COMPARED TO FISCAL 2022\\nCorporate's loss before interest and taxes increased $621 million during fiscal 2023, primarily due to the following:\\n•\\nan unfavorable change of $371 million primarily related to higher wage and other professional services expenses, reported as a component of consolidated Operating overhead\\nexpense;\\n•\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 46, 'page_label': '47', 'start_index': 1612}, page_content='•\\nan unfavorable change of $371 million primarily related to higher wage and other professional services expenses, reported as a component of consolidated Operating overhead\\nexpense;\\n•\\nan unfavorable change of $352 million related to the difference between actual foreign currency exchange rates and standard foreign currency exchange rates assigned to the\\nNIKE Brand geographic operating segments and Converse, net of hedge gains and losses; these results are reported as a component of consolidated gross margin;\\n•\\nan unfavorable change of $45 million largely due to net unfavorable activity related to our strategic distributor partnership transition within APLA, including the loss recognized\\nupon completion of the sale our entities in Argentina and Uruguay to a third-party distributor in the second quarter of fiscal 2023. This was partially offset by the one-time charge'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 46, 'page_label': '47', 'start_index': 2309}, page_content='upon completion of the sale our entities in Argentina and Uruguay to a third-party distributor in the second quarter of fiscal 2023. This was partially offset by the one-time charge\\nrelated to the deconsolidation of our Russian operations recognized in the prior year, with the net amount of these activities reported as a component of consolidated Other\\n(income) expense, net; and\\n•\\na favorable change in net foreign currency gains and losses of $174 million related to the remeasurement of monetary assets and liabilities denominated in non-functional\\ncurrencies and the impact of certain foreign currency derivative instruments, reported as a component of consolidated Other (income) expense, net.\\nFOREIGN CURRENCY EXPOSURES AND HEDGING PRACTICES\\nOVERVIEW\\nAs a global company with significant operations outside the United States, in the normal course of business we are exposed to risk arising from changes in currency exchange rates.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 46, 'page_label': '47', 'start_index': 3059}, page_content='OVERVIEW\\nAs a global company with significant operations outside the United States, in the normal course of business we are exposed to risk arising from changes in currency exchange rates.\\nOur primary foreign currency exposures arise from the recording of transactions denominated in non-functional currencies and the translation of foreign currency denominated results\\nof operations, financial position and cash flows into U.S. Dollars.\\nOur foreign exchange risk management program is intended to lessen both the positive and negative effects of currency fluctuations on our consolidated results of operations, financial\\nposition and cash flows. We manage global foreign exchange risk centrally on a portfolio basis to address those risks material to NIKE, Inc. We manage these exposures by taking\\nadvantage of natural offsets and currency correlations existing within the portfolio and, where practical and material, by hedging a portion of the remaining exposures using derivative'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 46, 'page_label': '47', 'start_index': 3858}, page_content='advantage of natural offsets and currency correlations existing within the portfolio and, where practical and material, by hedging a portion of the remaining exposures using derivative\\ninstruments such as forward contracts and options. As described below, the implementation of the NIKE Trading Company (\"NTC\") and our foreign currency adjustment program\\nenhanced our ability to manage our foreign exchange risk by increasing the natural offsets and currency correlation benefits existing within our portfolio of foreign exchange\\nexposures. Our hedging policy is designed to partially or entirely offset the impact of exchange rate changes on the underlying net exposures being hedged. Where exposures are\\nhedged, our program has the effect of delaying the impact of exchange rate movements on our Consolidated Financial Statements; the length of the delay is dependent upon hedge\\nhorizons. We do not hold or issue derivative instruments for trading or speculative purposes.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 47, 'page_label': '48', 'start_index': 0}, page_content=\"Refer to Note 4 — Fair Value Measurements and Note 12 — Risk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional\\ndescription of outstanding derivatives at each reported period end.\\nTRANSACTIONAL EXPOSURES\\nWe conduct business in various currencies and have transactions which subject us to foreign currency risk. Our most significant transactional foreign currency exposures are:\\n•\\nProduct Costs — NIKE's product costs are exposed to fluctuations in foreign currencies in the following ways:\\n1.\\nProduct purchases denominated in currencies other than the functional currency of the transacting entity:\\na.\\nCertain NIKE entities purchase product from the NTC, a wholly-owned sourcing hub that buys NIKE branded products from third-party factories, predominantly in U.S.\\nDollars. The NTC, whose functional currency is the U.S. Dollar, then sells the products to NIKE entities in their respective functional currencies. NTC sales to a NIKE\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 47, 'page_label': '48', 'start_index': 823}, page_content=\"Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the products to NIKE entities in their respective functional currencies. NTC sales to a NIKE\\nentity with a different functional currency results in a foreign currency exposure for the NTC.\\nb.\\nOther NIKE entities purchase product directly from third-party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those NIKE entities\\nwith a functional currency other than the U.S. Dollar.\\nIn both purchasing scenarios, a weaker U.S. Dollar reduces inventory costs incurred by NIKE whereas a stronger U.S. Dollar increases its cost.\\n2.\\nFactory input costs: NIKE operates a foreign currency adjustment program with certain factories. The program is designed to more effectively manage foreign currency risk\\nby assuming certain of the factories' foreign currency exposures, some of which are natural offsets to our existing foreign currency exposures. Under this program, our\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 47, 'page_label': '48', 'start_index': 1628}, page_content='by assuming certain of the factories\\' foreign currency exposures, some of which are natural offsets to our existing foreign currency exposures. Under this program, our\\npayments to these factories are adjusted for rate fluctuations in the basket of currencies (\"factory currency exposure index\") in which the labor, materials and overhead costs\\nincurred by the factories in the production of NIKE branded products (\"factory input costs\") are denominated.\\nAs an offset to the impacts of the fluctuating U.S. Dollar on our non-functional currency denominated product purchases described above, a strengthening U.S. Dollar against\\nthe foreign currencies within the factory currency exposure indices reduces NIKE\\'s U.S. Dollar inventory cost. Conversely, a weakening U.S. Dollar against the indexed\\nforeign currencies increases our inventory cost.\\n•'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 47, 'page_label': '48', 'start_index': 2422}, page_content='foreign currencies increases our inventory cost.\\n•\\nNon-Functional Currency Denominated External Sales — A portion of our NIKE Brand and Converse revenues associated with European operations are earned in currencies\\nother than the Euro (e.g., the British Pound) but are recognized at a subsidiary that uses the Euro as its functional currency. These sales generate a foreign currency exposure.\\n•\\nOther Costs — Non-functional currency denominated costs, such as endorsement contracts, also generate foreign currency risk, though to a lesser extent.\\n•\\nNon-Functional Currency Denominated Monetary Assets and Liabilities — Our global subsidiaries have various assets and liabilities, primarily receivables and payables, including\\nintercompany receivables and payables, denominated in currencies other than their functional currencies. These balance sheet items are subject to remeasurement which may\\ncreate fluctuations in Other (income) expense, net within our Consolidated Statements of Income.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 47, 'page_label': '48', 'start_index': 3318}, page_content='create fluctuations in Other (income) expense, net within our Consolidated Statements of Income.\\nMANAGING TRANSACTIONAL EXPOSURES\\nTransactional exposures are managed on a portfolio basis within our foreign currency risk management program. We manage these exposures by taking advantage of natural offsets\\nand currency correlations that exist within the portfolio and may also elect to use currency forward and option contracts to hedge the remaining effect of exchange rate fluctuations on\\nprobable forecasted future cash flows, including certain product cost exposures, non-functional currency denominated external sales and other costs described above. Generally,\\nthese are accounted for as cash flow hedges.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 0}, page_content=\"Certain currency forward contracts used to manage the foreign exchange exposure of non-functional currency denominated monetary assets and liabilities subject to remeasurement\\nare not formally designated as hedging instruments. Accordingly, changes in fair value of these instruments are recognized in Other (income) expense, net and are intended to offset\\nthe foreign currency impact of the remeasurement of the related non-functional currency denominated asset or liability being hedged.\\nTRANSLATIONAL EXPOSURES\\nMany of our foreign subsidiaries operate in functional currencies other than the U.S. Dollar. Fluctuations in currency exchange rates create volatility in our reported results as we are\\nrequired to translate the balance sheets, operational results and cash flows of these subsidiaries into U.S. Dollars for consolidated reporting. The translation of foreign subsidiaries'\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 700}, page_content=\"required to translate the balance sheets, operational results and cash flows of these subsidiaries into U.S. Dollars for consolidated reporting. The translation of foreign subsidiaries'\\nnon-U.S. Dollar denominated balance sheets into U.S. Dollars for consolidated reporting results in a cumulative translation adjustment to Accumulated other comprehensive income\\n(loss) within Shareholders' equity. In the translation of our Consolidated Statements of Income, a weaker U.S. Dollar in relation to foreign functional currencies benefits our\\nconsolidated earnings whereas a stronger U.S. Dollar reduces our consolidated earnings. The impact of foreign exchange rate fluctuations on the translation of our consolidated\\nRevenues was a detriment of approximately $2,859 million, $295 million and a benefit of approximately $893 million for the years ended May 31, 2023, 2022 and 2021, respectively.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 1415}, page_content='Revenues was a detriment of approximately $2,859 million, $295 million and a benefit of approximately $893 million for the years ended May 31, 2023, 2022 and 2021, respectively.\\nThe impact of foreign exchange rate fluctuations on the translation of our Income before income taxes was a detriment of approximately $824 million, $87 million and a benefit of\\napproximately $260 million for the years ended May 31, 2023, 2022 and 2021, respectively.\\nMANAGING TRANSLATIONAL EXPOSURES\\nTo minimize the impact of translating foreign currency denominated revenues and expenses into U.S. Dollars for consolidated reporting, certain foreign subsidiaries use excess cash to\\npurchase U.S. Dollar denominated available-for-sale investments. The variable future cash flows associated with the purchase and subsequent sale of these U.S. Dollar denominated'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 2077}, page_content='purchase U.S. Dollar denominated available-for-sale investments. The variable future cash flows associated with the purchase and subsequent sale of these U.S. Dollar denominated\\ninvestments at non-U.S. Dollar functional currency subsidiaries creates a foreign currency exposure that qualifies for hedge accounting under generally accepted accounting principles\\nin the United States of America (\"U.S. GAAP\"). We utilize forward contracts and/or options to mitigate the variability of the forecasted future purchases and sales of these U.S. Dollar\\ninvestments. The combination of the purchase and sale of the U.S. Dollar investment and the hedging instrument has the effect of partially offsetting the year-over-year foreign\\ncurrency translation impact on net earnings in the period the investments are sold. Hedges of the purchase of U.S. Dollar denominated available-for-sale investments are accounted\\nfor as cash flow hedges.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 2979}, page_content='for as cash flow hedges.\\nWe estimate the combination of translation of foreign currency-denominated profits from our international businesses and the year-over-year change in foreign currency related gains\\nand losses included in Other (income) expense, net had an unfavorable impact of approximately $1,023 million and a favorable impact of approximately $132 million and $19 million on\\nour Income before income taxes for the years ended May 31, 2023, 2022 and 2021, respectively.\\nNET INVESTMENTS IN FOREIGN SUBSIDIARIES\\nWe are also exposed to the impact of foreign exchange fluctuations on our investments in wholly-owned foreign subsidiaries denominated in a currency other than the U.S. Dollar,\\nwhich could adversely impact the U.S. Dollar value of these investments and therefore the value of future repatriated earnings. We have, in the past, hedged and may, in the future,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 3677}, page_content='which could adversely impact the U.S. Dollar value of these investments and therefore the value of future repatriated earnings. We have, in the past, hedged and may, in the future,\\nhedge net investment positions in certain foreign subsidiaries to mitigate the effects of foreign exchange fluctuations on these net investments. These hedges are accounted for as net\\ninvestment hedges in accordance with U.S. GAAP. There were no outstanding net investment hedges as of May 31, 2023 and 2022. There were no cash flows from net investment\\nhedge settlements for the years ended May 31, 2023, 2022 and 2021.\\nLIQUIDITY AND CAPITAL RESOURCES\\nCASH FLOW ACTIVITY\\nCash provided (used) by operations was an inflow of $5,841 million for fiscal 2023, compared to $5,188 million for fiscal 2022. Net income, adjusted for non-cash items, generated'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 4311}, page_content='CASH FLOW ACTIVITY\\nCash provided (used) by operations was an inflow of $5,841 million for fiscal 2023, compared to $5,188 million for fiscal 2022. Net income, adjusted for non-cash items, generated\\n$6,354 million of operating cash inflow for fiscal 2023, compared to $6,848 million for fiscal 2022. The net change in working capital and other assets and liabilities resulted in a\\ndecrease to Cash provided (used) by operations of $513 million for fiscal 2023 compared to a decrease of $1,660 million for fiscal 2022. For fiscal 2023, the net change in working\\ncapital compared to the prior year was impacted by unfavorable changes in Accounts payable, offset by favorable impacts from Inventories and Accounts receivable. These changes\\nwere, in part, due to reduced inventory purchases in the current period and timing of wholesale shipments. Further impacting these changes was a lower available supply of inventory\\nin the prior year due to supply chain constraints.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 48, 'page_label': '49', 'start_index': 5228}, page_content='in the prior year due to supply chain constraints.\\nCash provided (used) by investing activities was an inflow of $564 million for fiscal 2023, compared to an outflow of $1,524 million for fiscal 2022, primarily driven by the net change in\\nshort-term investments. For fiscal 2023, the net change in short-term'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 0}, page_content='investments (including sales, maturities and purchases) resulted in a cash inflow of $1,481 million compared to a cash outflow of $747 million for fiscal 2022. Additionally, we continue\\nto invest in our infrastructure to support future growth, specifically focused around digital capabilities, our end-to-end technology foundation, our corporate facilities and improvements\\nacross our supply chain.\\nCash provided (used) by financing activities was an outflow of $7,447 million for fiscal 2023 compared to an outflow of $4,836 million for fiscal 2022. The increased outflow in fiscal\\n2023 was driven by higher share repurchases of $5,480 million for fiscal 2023 compared to $4,014 million for fiscal 2022, the repayment of $500 million of senior notes that matured in\\nfiscal 2023, as well as lower proceeds from stock option exercises, which resulted in a cash inflow of $651 million in fiscal 2023 compared to $1,151 million in fiscal 2022.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 767}, page_content=\"fiscal 2023, as well as lower proceeds from stock option exercises, which resulted in a cash inflow of $651 million in fiscal 2023 compared to $1,151 million in fiscal 2022.\\nIn fiscal 2023, we purchased a total of 50.0 million shares of NIKE's Class B Common Stock for $5.5 billion (an average price of $110.32 per share). In August 2022, we terminated the\\nprevious four-year, $15 billion share repurchase program approved by the Board of Directors in June 2018. Under this program, we repurchased 6.5 million shares for a total\\napproximate cost of $710.0 million (an average price of $109.85 per share) during the first quarter of fiscal 2023 and 83.8 million shares for a total approximate cost of $9.4 billion (an\\naverage price of $111.82 per share) during the term of the program. Upon termination of the four-year, $15 billion program, we began purchasing shares under the new four-year,\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 1484}, page_content='average price of $111.82 per share) during the term of the program. Upon termination of the four-year, $15 billion program, we began purchasing shares under the new four-year,\\n$18 billion share repurchase plan authorized by the Board of Directors in June 2022. As of May 31, 2023, we had repurchased 43.5 million shares at a cost of approximately\\n$4.8 billion (an average price of $110.38 per share) under this new program. We continue to expect funding of share repurchases will come from operating cash flows. The timing and\\nthe amount of share repurchases will be dictated by our capital needs and stock market conditions.\\nCAPITAL RESOURCES\\nOn July 21, 2022, we filed a shelf registration statement (the \"Shelf\") with the U.S. Securities and Exchange Commission (the \"SEC\") which permits us to issue an unlimited amount of\\ndebt securities from time to time. The Shelf expires on July 21, 2025.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 2310}, page_content='debt securities from time to time. The Shelf expires on July 21, 2025.\\nOn March 11, 2022, we entered into a five-year committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to\\nincrease borrowings up to $3 billion in total with lender approval. The facility matures on March 11, 2027, with options to extend the maturity date up to an additional two years. This\\nfacility replaces the prior $2 billion five-year credit facility agreement entered into on August 16, 2019, which would have matured on August 16, 2024. Refer to Note 5 — Short-Term\\nBorrowings and Credit Lines for additional information.\\nOn March 10, 2023, we entered into a 364-day committed credit facility agreement with a syndicate of banks which provides for up to $1 billion of borrowings, with the option to'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 2983}, page_content=\"On March 10, 2023, we entered into a 364-day committed credit facility agreement with a syndicate of banks which provides for up to $1 billion of borrowings, with the option to\\nincrease borrowings up to $1.5 billion in total with lender approval. The facility matures on March 8, 2024, with an option to extend the maturity date by 364 days. This facility replaces\\nthe prior $1 billion 364-day credit facility agreement entered into on March 11, 2022, which matured on March 10, 2023. Refer to Note 5 — Short-Term Borrowings and Credit Lines for\\nadditional information.\\nWe currently have long-term debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively. As it relates to our committed credit\\nfacilities entered into on March 11, 2022 and March 10, 2023, if our long-term debt ratings were to decline, the facility fees and interest rates would increase. Conversely, if our long-\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 3728}, page_content='facilities entered into on March 11, 2022 and March 10, 2023, if our long-term debt ratings were to decline, the facility fees and interest rates would increase. Conversely, if our long-\\nterm debt ratings were to improve, the facility fees and interest rates would decrease. Changes in our long-term debt ratings would not trigger acceleration of maturity of any then-\\noutstanding borrowings or any future borrowings under the committed credit facilities. Under these facilities, we have agreed to various covenants. These covenants include limits on\\nthe disposal of assets and the amount of debt secured by liens we may incur. In the event we were to have any borrowings outstanding under these facilities, failed to meet any\\ncovenant and were unable to obtain a waiver from a majority of the banks in the applicable syndicate, any borrowings would become immediately due and payable. As of May 31,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 4455}, page_content='covenant and were unable to obtain a waiver from a majority of the banks in the applicable syndicate, any borrowings would become immediately due and payable. As of May 31,\\n2023, we were in full compliance with each of these covenants, and we believe it is unlikely we will fail to meet any of these covenants in the foreseeable future.\\nLiquidity is also provided by our $3 billion commercial paper program. As of and for the fiscal years ended May 31, 2023 and 2022, we did not have any borrowings outstanding under\\nour $3 billion program.\\nWe may continue to issue commercial paper or other debt securities depending on general corporate needs.\\nTo date, we have not experienced difficulty accessing the capital or credit markets; however, future volatility may increase costs associated with issuing commercial paper or other\\ndebt instruments or affect our ability to access those markets.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 49, 'page_label': '50', 'start_index': 5282}, page_content='debt instruments or affect our ability to access those markets.\\nAs of May 31, 2023, we had Cash and equivalents and Short-term investments totaling $10.7 billion, primarily consisting of commercial paper, corporate notes, deposits held at major\\nbanks, money market funds, U.S. Treasury obligations and other investment grade fixed-income securities. Our fixed-income investments are exposed to both credit and interest rate\\nrisk. All of our investments are investment grade to minimize our credit risk. While individual securities have varying durations, as of May 31, 2023, the weighted-average days to\\nmaturity of our cash equivalents and short-term investments portfolio was 98 days.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 0}, page_content='We believe that existing Cash and equivalents, Short-term investments and cash generated by operations, together with access to external sources of funds as described above, will\\nbe sufficient to meet our domestic and foreign capital needs in the foreseeable future.\\nOur material cash requirements as of May 31, 2023, were as follows:\\n•\\nDebt Obligations — Refer to Note 5 — Short-Term Borrowings and Credit Lines and Note 6 — Long-Term Debt in the accompanying Notes to the Consolidated Financial\\nStatements for further information.\\n•\\nOperating Leases — Refer to Note 17 — Leases in the accompanying Notes to the Consolidated Financial Statements for further information.\\n•\\nEndorsement Contracts — As of May 31, 2023, we had endorsement contract obligations of $7.6 billion, with $1.3 billion payable within 12 months, representing approximate'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 672}, page_content='•\\nEndorsement Contracts — As of May 31, 2023, we had endorsement contract obligations of $7.6 billion, with $1.3 billion payable within 12 months, representing approximate\\namounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete, public figure, sport team and league endorsers of our products. Actual\\npayments under some contracts may be higher than these amounts as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements\\nand/or royalties on product sales in future periods. Actual payments under some contracts may also be lower as these contracts include provisions for reduced payments if\\nathletic performance declines in future periods. In addition to the cash payments, we are obligated to furnish our endorsers with NIKE product for their use. It is not possible'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 1346}, page_content='athletic performance declines in future periods. In addition to the cash payments, we are obligated to furnish our endorsers with NIKE product for their use. It is not possible\\nto determine how much we will spend on this product on an annual basis as the amount of product provided to the endorsers will depend on many factors and the contracts\\ngenerally do not stipulate a minimum amount of cash to be spent on the product.\\n•\\nProduct Purchase Obligations — As of May 31, 2023, we had product purchase obligations of $6.4 billion, all of which are payable within the next 12 months. Product\\npurchase obligations represent agreements (including open purchase orders) to purchase products in the ordinary course of business that are enforceable and legally binding\\nand specify all significant terms. We generally order product at least four to five months in advance of sale based primarily on advanced orders received from external'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 2109}, page_content='and specify all significant terms. We generally order product at least four to five months in advance of sale based primarily on advanced orders received from external\\nwholesale customers and internal orders from our direct to consumer operations. In some cases, prices are subject to change throughout the production process.\\n•\\nOther Purchase Obligations — As of May 31, 2023, we had $3.3 billion of other purchase obligations, with $1.7 billion payable within the next 12 months. Other purchase\\nobligations primarily include technology investments, construction, service and marketing commitments, including marketing commitments associated with endorsement\\ncontracts, made in the ordinary course of business. The amounts represent the minimum payments required by legally binding contracts and agreements that specify all\\nsignificant terms, and may include open purchase orders for non-product purchases.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 2934}, page_content='significant terms, and may include open purchase orders for non-product purchases.\\nIn addition to the above, we have long-term obligations for uncertain tax positions and various post-retirement benefits for which we are not able to reasonably estimate when cash\\npayments will occur. Refer to Note 7 — Income Taxes and Note 11 — Benefit Plans in the accompanying Notes to the Consolidated Financial Statements for further information\\nrelated to uncertain tax positions and post-retirement benefits, respectively.\\nAs a part of the transition tax related to the Tax Cuts and Jobs Act, as of May 31, 2023, we had $644 million in estimated future cash payments, with $161 million payable within the\\nnext 12 months. These amounts represent the transition tax on deemed repatriation of undistributed earnings of foreign subsidiaries, which are reflected net of foreign tax credits we\\nutilized.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 3629}, page_content='next 12 months. These amounts represent the transition tax on deemed repatriation of undistributed earnings of foreign subsidiaries, which are reflected net of foreign tax credits we\\nutilized.\\nRefer to Note 16 — Commitments and Contingencies in the accompanying Notes to the Consolidated Financial Statements for further information related to our off-balance sheet\\narrangements, bank guarantees and letters of credit.\\nOFF-BALANCE SHEET ARRANGEMENTS\\nAs of May 31, 2023, we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our current and future financial condition,\\nresults of operations, liquidity, capital expenditures or capital resources. In connection with various contracts and agreements, we routinely provide indemnification relating to the\\nenforceability of intellectual property rights, coverage for legal issues that arise and other items where we are acting as the guarantor. Currently, we have several such agreements in'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 50, 'page_label': '51', 'start_index': 4443}, page_content='enforceability of intellectual property rights, coverage for legal issues that arise and other items where we are acting as the guarantor. Currently, we have several such agreements in\\nplace. Based on our historical experience and the estimated probability of future loss, we have determined that the fair value of such indemnification is not material to our financial\\nposition or results of operations.\\nNEW ACCOUNTING PRONOUNCEMENTS\\nRefer to Note 1 — Summary of Significant Accounting Policies within the accompanying Notes to the Consolidated Financial Statements for recently adopted and issued accounting\\nstandards.\\n2023 FORM 10-K \\n46'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 0}, page_content='CRITICAL ACCOUNTING ESTIMATES\\nOur previous discussion and analysis of our financial condition and results of operations are based upon our Consolidated Financial Statements, which have been prepared in\\naccordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,\\nrevenues and expenses and related disclosure of contingent assets and liabilities. Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the\\nConsolidated Financial Statements describes the significant accounting policies and methods used in the preparation of our Consolidated Financial Statements.\\nWe believe the assumptions and judgments involved in the accounting estimates described below have the greatest potential impact on our Consolidated Financial Statements, so we'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 702}, page_content='We believe the assumptions and judgments involved in the accounting estimates described below have the greatest potential impact on our Consolidated Financial Statements, so we\\nconsider these to be our critical accounting estimates. Management has reviewed and discussed these critical accounting estimates with the Audit & Finance Committee of the Board\\nof Directors.\\nBecause of the uncertainty inherent in these matters, actual results could differ from the estimates we use in the preparation of our Consolidated Financial Statements. Within the\\ncontext of these critical accounting estimates, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being\\nreported.\\nSALES-RELATED RESERVES\\nProvisions for anticipated sales returns consist of both contractual return rights and discretionary authorized returns. Provisions for post-invoice sales discounts consist of both'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 1464}, page_content='Provisions for anticipated sales returns consist of both contractual return rights and discretionary authorized returns. Provisions for post-invoice sales discounts consist of both\\ncontractual programs and discretionary discounts that are expected to be granted at a later date.\\nEstimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers\\nand outstanding discounts and claims and (3) estimated returns, discounts and claims expected but not yet finalized with customers. Actual returns, discounts and claims in any future\\nperiod are inherently uncertain and may differ from estimates recorded. If actual or expected future returns, discounts or claims were significantly different than reserves established, a\\nreduction or increase to net revenues would be recorded in the period in which such determination was made.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 2300}, page_content='reduction or increase to net revenues would be recorded in the period in which such determination was made.\\nRefer to Note 14 — Revenues in the accompanying Notes to the Consolidated Financial Statements for additional information.\\nINVENTORY RESERVES\\nWe make ongoing estimates relating to the net realizable value of inventories based upon our assumptions about future demand and market conditions. If we estimate the net\\nrealizable value of our inventory is less than the cost of the inventory recorded on our books, we record a reserve equal to the difference between the cost of the inventory and the\\nestimated net realizable value. This reserve is recorded as a charge to Cost of sales. If changes in market conditions result in reductions to the estimated net realizable value of our\\ninventory below our previous estimate, we would increase our reserve in the period in which we made such a determination. \\nHEDGE ACCOUNTING FOR DERIVATIVES'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 3088}, page_content='inventory below our previous estimate, we would increase our reserve in the period in which we made such a determination. \\nHEDGE ACCOUNTING FOR DERIVATIVES\\nWe use derivative contracts to hedge certain anticipated foreign currency and interest rate transactions as well as certain non-functional currency monetary assets and liabilities.\\nWhen the specific criteria to qualify for hedge accounting has been met, changes in the fair value of contracts hedging probable forecasted future cash flows are recorded in\\nAccumulated other comprehensive income (loss), rather than Net income, until the underlying hedged transaction affects Net income. In most cases, this results in gains and losses on\\nhedge derivatives being released from Accumulated other comprehensive income (loss) into Net income sometime after the maturity of the derivative. One of the criteria for this'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 3781}, page_content='hedge derivatives being released from Accumulated other comprehensive income (loss) into Net income sometime after the maturity of the derivative. One of the criteria for this\\naccounting treatment is that the notional value of these derivative contracts should not be in excess of the designated amount of anticipated transactions. By their very nature, our\\nestimates of anticipated transactions may fluctuate over time and may ultimately vary from actual transactions. When the designated amount of anticipated or actual transactions\\ndecline below hedged levels, or if it is no longer probable a forecasted transaction will occur by the end of the originally specified time period or within an additional two-month period\\nof time thereafter, we reclassify the cumulative change in fair value of the over-hedged portion of the related hedge contract from Accumulated other comprehensive income (loss) to'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 51, 'page_label': '52', 'start_index': 4504}, page_content='of time thereafter, we reclassify the cumulative change in fair value of the over-hedged portion of the related hedge contract from Accumulated other comprehensive income (loss) to\\nOther (income) expense, net during the quarter in which the decrease occurs. In rare circumstances, the additional period of time may exceed two months due to extenuating\\ncircumstances related to the nature of the forecasted transaction that are outside our control or influence.\\nRefer to Note 12 — Risk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional information.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 52, 'page_label': '53', 'start_index': 0}, page_content='INCOME TAXES\\nWe are subject to taxation in the United States, as well as various state and foreign jurisdictions. The determination of our provision for income taxes requires significant judgment, the\\nuse of estimates and the interpretation and application of complex tax laws. On an interim basis, we estimate our effective tax rate for the full fiscal year. This estimated annual\\neffective tax rate is then applied to the year-to-date Income before income taxes excluding infrequently occurring or unusual items, to determine the year-to-date Income tax expense.\\nThe income tax effects of infrequent or unusual items are recognized in the interim period in which they occur. As the fiscal year progresses, we continually refine our estimate based\\nupon actual events and earnings by jurisdiction during the year. This continual estimation process periodically results in a change to our expected effective tax rate for the fiscal year.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 52, 'page_label': '53', 'start_index': 749}, page_content='upon actual events and earnings by jurisdiction during the year. This continual estimation process periodically results in a change to our expected effective tax rate for the fiscal year.\\nWhen this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs.\\nOn a quarterly basis, we evaluate the probability a tax position will be effectively sustained and the appropriateness of the amount recognized for uncertain tax positions based on\\nfactors including changes in facts or circumstances, changes in tax law, settled audit issues and new audit activity. Changes in our assessment may result in the recognition of a tax\\nbenefit or an additional charge to the tax provision in the period our assessment changes. We recognize interest and penalties related to income tax matters in Income tax expense.\\nRefer to Note 7 — Income Taxes in the accompanying Notes to the Consolidated Financial Statements for additional information.\\nOTHER CONTINGENCIES'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 52, 'page_label': '53', 'start_index': 1593}, page_content='Refer to Note 7 — Income Taxes in the accompanying Notes to the Consolidated Financial Statements for additional information.\\nOTHER CONTINGENCIES\\nIn the ordinary course of business, we are subject to various legal proceedings, claims and government investigations related to our business, products and actions of our employees\\nand representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. We record contingent\\nliabilities resulting from claims against us when a loss is assessed to be probable and the amount of the loss is reasonably estimable. Assessing probability of loss and estimating\\nprobable losses requires analysis of multiple factors, including in some cases judgments about the potential actions of third-party claimants and courts. Recorded contingent liabilities'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 52, 'page_label': '53', 'start_index': 2280}, page_content='probable losses requires analysis of multiple factors, including in some cases judgments about the potential actions of third-party claimants and courts. Recorded contingent liabilities\\nare based on the best information available and actual losses in any future period are inherently uncertain. If future adjustments to estimated probable future losses or actual losses\\nexceed our recorded liability for such claims, we would record additional charges during the period in which the actual loss or change in estimate occurred. In addition to contingent\\nliabilities recorded for probable losses, we disclose contingent liabilities when there is a reasonable possibility the ultimate loss will materially exceed the recorded liability.\\nRefer to Note 16 — Commitments and Contingencies in the accompanying Notes to the Consolidated Financial Statements for additional information.\\n2023 FORM 10-K \\n48'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 0}, page_content='ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES\\nABOUT MARKET RISK\\nIn the normal course of business and consistent with established policies and procedures, we employ a variety of financial instruments to manage exposure to fluctuations in the value\\nof foreign currencies and interest rates. It is our policy to utilize these financial instruments only where necessary to finance our business and manage such exposures; we do not enter\\ninto these transactions for trading or speculative purposes.\\nWe are exposed to foreign currency fluctuations, primarily as a result of our international sales, product sourcing and funding activities. Our foreign exchange risk management\\nprogram is intended to lessen both the positive and negative effects of currency fluctuations on our consolidated results of operations, financial position and cash flows. We use'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 675}, page_content='program is intended to lessen both the positive and negative effects of currency fluctuations on our consolidated results of operations, financial position and cash flows. We use\\nforward and option contracts to hedge certain anticipated, but not yet firmly committed, transactions as well as certain firm commitments and the related receivables and payables,\\nincluding third-party and intercompany transactions. Where exposures are hedged, our program has the effect of delaying the impact of exchange rate movements on our Consolidated\\nFinancial Statements.\\nThe timing for hedging exposures, as well as the type and duration of the hedge instruments employed, are guided by our hedging policies and determined based upon the nature of\\nthe exposure and prevailing market conditions. Typically, the Company may enter into hedge contracts starting 12 to 24 months in advance of the forecasted transaction and may'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 1411}, page_content='the exposure and prevailing market conditions. Typically, the Company may enter into hedge contracts starting 12 to 24 months in advance of the forecasted transaction and may\\nplace incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs. The majority of derivatives outstanding as of May 31, 2023, are designated as\\nforeign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar, and Japanese Yen/U.S. Dollar currency pairs. Refer to Note 12 —\\nRisk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional information.\\nOur earnings are also exposed to movements in short- and long-term market interest rates. Our objective in managing this interest rate exposure is to limit the impact of interest rate'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 2067}, page_content='Our earnings are also exposed to movements in short- and long-term market interest rates. Our objective in managing this interest rate exposure is to limit the impact of interest rate\\nchanges on earnings and cash flows and to reduce overall borrowing costs. To achieve these objectives, we maintain a mix of commercial paper, bank loans, and fixed-rate debt of\\nvarying maturities.\\nMARKET RISK MEASUREMENT\\nWe monitor foreign exchange risk, interest rate risk and related derivatives using a variety of techniques including a review of market value, sensitivity analysis and Value-at-Risk\\n(\"VaR\"). Our market-sensitive derivative and other financial instruments are foreign currency forward contracts, foreign currency option contracts, intercompany loans denominated in\\nnon-functional currencies and fixed interest rate U.S. Dollar denominated debt.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 2836}, page_content='non-functional currencies and fixed interest rate U.S. Dollar denominated debt.\\nWe use VaR to monitor the foreign exchange risk of our foreign currency forward and foreign currency option derivative instruments only. The VaR determines the maximum potential\\none-day loss in the fair value of these foreign exchange rate-sensitive financial instruments. The VaR model estimates assume normal market conditions and a 95% confidence level.\\nThere are various modeling techniques that can be used in the VaR computation. Our computations are based on interrelationships between currencies and interest rates\\n(a \"variance/co-variance\" technique). These interrelationships are a function of foreign exchange currency market changes and interest rate changes over the preceding one-year\\nperiod. The value of foreign currency options does not change on a one-to-one basis with changes in the underlying currency rate. We adjust the potential loss in option value for the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 3615}, page_content='period. The value of foreign currency options does not change on a one-to-one basis with changes in the underlying currency rate. We adjust the potential loss in option value for the\\nestimated sensitivity (the \"delta\" and \"gamma\") to changes in the underlying currency rate. This calculation reflects the impact of foreign currency rate fluctuations on the derivative\\ninstruments only and does not include the impact of such rate fluctuations on non-functional currency transactions (such as anticipated transactions, firm commitments, cash balances\\nand accounts and loans receivable and payable), including those which are hedged by these instruments.\\nThe VaR model is a risk analysis tool and does not purport to represent actual losses in fair value we will incur nor does it consider the potential effect of favorable changes in market'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 4268}, page_content='The VaR model is a risk analysis tool and does not purport to represent actual losses in fair value we will incur nor does it consider the potential effect of favorable changes in market\\nrates. It also does not represent the full extent of the possible loss that may occur. Actual future gains and losses will differ from those estimated because of changes or differences in\\nmarket rates and interrelationships, hedging instruments and hedge percentages, timing and other factors.\\nThe estimated maximum one-day loss in fair value on our foreign currency sensitive derivative financial instruments, derived using the VaR model, was $111 million and $99 million as\\nof May 31, 2023 and 2022, respectively. The VaR increased year-over-year as a result of an increase in foreign currency volatilities as of May 31, 2023. Such a hypothetical loss in the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 53, 'page_label': '54', 'start_index': 4931}, page_content='of May 31, 2023 and 2022, respectively. The VaR increased year-over-year as a result of an increase in foreign currency volatilities as of May 31, 2023. Such a hypothetical loss in the\\nfair value of our derivatives would be offset by increases in the value of the underlying transactions being hedged. The average monthly change in the fair values of foreign currency\\nforward and foreign currency option derivative instruments was $289 million and $170 million during fiscal 2023 and fiscal 2022, respectively.\\nThe instruments not included in the VaR are intercompany loans denominated in non-functional currencies and fixed interest rate U.S. Dollar denominated debt. Intercompany loans\\nand related interest amounts are eliminated in consolidation. Furthermore, our non-functional currency intercompany loans are substantially hedged against foreign exchange risk\\nthrough the use of forward'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 54, 'page_label': '55', 'start_index': 0}, page_content='contracts, which are included in the VaR calculation above. Therefore, we consider the interest rate and foreign currency market risks associated with our non-functional currency\\nintercompany loans to be immaterial to our consolidated financial position, results of operations and cash flows.\\nDetails of third-party debt are provided in the table below. The table presents principal cash flows and related weighted average interest rates by expected maturity dates.\\nEXPECTED MATURITY DATE YEAR ENDING MAY 31,\\n(Dollars in millions)\\n2024\\n2025\\n2026\\n2027\\n2028\\nTHEREAFTER\\nTOTAL\\nFAIR VALUE\\nInterest Rate Risk\\nLong-term U.S. Dollar debt — Fixed rate\\nPrincipal payments\\n$\\n—\\n$\\n1,000\\n$\\n—\\n$\\n2,000\\n$\\n—\\n$\\n6,000\\n$\\n9,000\\n$\\n7,889 \\nAverage interest rate\\n0.0 \\n%\\n2.4 \\n%\\n0.0 \\n%\\n2.6 \\n%\\n0.0 \\n%\\n3.3 \\n%\\n3.1 \\n%\\n2023 FORM 10-K \\n50'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 55, 'page_label': '56', 'start_index': 0}, page_content='ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\\nManagement of NIKE, Inc. is responsible for the information and representations contained in this Annual Report. The financial statements have been prepared in conformity with\\naccounting principles generally accepted in the United States of America (\"U.S. GAAP\") and include certain amounts based on our best estimates and judgments. Other financial\\ninformation in this Annual Report is consistent with these financial statements.\\nOur accounting systems include controls designed to reasonably assure assets are safeguarded from unauthorized use or disposition and provide for the preparation of financial\\nstatements in conformity with U.S. GAAP. These systems are supplemented by the selection and training of qualified financial personnel and an organizational structure providing for\\nappropriate segregation of duties.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 55, 'page_label': '56', 'start_index': 839}, page_content='appropriate segregation of duties.\\nAn internal corporate audit department reviews the results of its work with the Audit & Finance Committee of the Board of Directors, presently comprised of four outside, independent\\ndirectors. The Audit & Finance Committee is responsible for the appointment of the independent registered public accounting firm and reviews, with the independent registered public\\naccounting firm, management and the internal corporate audit staff, the scope and the results of the annual audit, the effectiveness of the accounting control system and other matters\\nrelating to the financial affairs of NIKE as the Audit & Finance Committee deems appropriate. The independent registered public accounting firm and the internal corporate auditors\\nhave full access to the Audit & Finance Committee, with and without the presence of management, to discuss any appropriate matters.\\n2023 FORM 10-K \\n51'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 56, 'page_label': '57', 'start_index': 0}, page_content=\"MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER\\nFINANCIAL REPORTING\\nManagement is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13(a) - 15(f) and Rule 15(d) - 15(f) of the\\nSecurities Exchange Act of 1934, as amended. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial\\nreporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. Internal\\ncontrol over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the\\ntransactions and dispositions of assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 56, 'page_label': '57', 'start_index': 803}, page_content='transactions and dispositions of assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in\\naccordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of our\\nmanagement and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the Company\\nthat could have a material effect on the financial statements.\\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future\\nperiods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may\\ndeteriorate.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 56, 'page_label': '57', 'start_index': 1580}, page_content='periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may\\ndeteriorate.\\nUnder the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our internal\\ncontrol over financial reporting based upon the framework in \\nInternal Control — Integrated Framework (2013)\\n issued by the Committee of Sponsoring Organizations of the Treadway\\nCommission (COSO). Based on the results of our evaluation, our management concluded that our internal control over financial reporting was effective as of May 31, 2023.\\nPricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited (1) the Consolidated Financial Statements and (2) the effectiveness of our internal\\ncontrol over financial reporting as of May 31, 2023, as stated in their report herein.\\nJohn J. Donahoe II'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 56, 'page_label': '57', 'start_index': 2470}, page_content='control over financial reporting as of May 31, 2023, as stated in their report herein.\\nJohn J. Donahoe II\\nMatthew Friend\\nPresident and Chief Executive Officer\\nExecutive Vice President and Chief Financial Officer\\n2023 FORM 10-K \\n52'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 0}, page_content=\"Report of Independent Registered Public Accounting Firm\\nTo the Board of Directors and Shareholders of NIKE, Inc.\\nOpinions on the Financial Statements and Internal Control over Financial Reporting\\nWe have audited the accompanying consolidated balance sheets of NIKE, Inc. and its subsidiaries (the “Company”) as of May 31, 2023 and 2022, and the related consolidated\\nstatements of income, of comprehensive income, of shareholders' equity and of cash flows for each of the three years in the period ended May 31, 2023, including the related notes\\nand financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the\\nCompany's internal control over financial reporting as of May 31, 2023, based on criteria established in \\nInternal Control - Integrated Framework\\n (2013) issued by the Committee of\\nSponsoring Organizations of the Treadway Commission (COSO).\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 830}, page_content=\"Internal Control - Integrated Framework\\n (2013) issued by the Committee of\\nSponsoring Organizations of the Treadway Commission (COSO).\\nIn our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of May 31, 2023 and 2022, and\\nthe results of its operations and its cash flows for each of the three years in the period ended May 31, 2023 in conformity with accounting principles generally accepted in the United\\nStates of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of May 31, 2023, based on criteria\\nestablished in \\nInternal Control - Integrated Framework\\n (2013) issued by the COSO.\\nBasis for Opinions\\nThe Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 1617}, page_content=\"The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the\\neffectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is\\nto express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting\\nfirm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the\\nU.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 2344}, page_content='U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether\\nthe consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in\\nall material respects.\\nOur audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due\\nto error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 3038}, page_content='to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall\\npresentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial\\nreporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our\\naudits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.\\nDefinition and Limitations of Internal Control over Financial Reporting'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 3938}, page_content='Definition and Limitations of Internal Control over Financial Reporting\\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of\\nfinancial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies\\nand procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)\\nprovide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,\\nand that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 57, 'page_label': '58', 'start_index': 4741}, page_content='and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable\\nassurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial\\nstatements.\\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future\\nperiods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may\\ndeteriorate.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 58, 'page_label': '59', 'start_index': 0}, page_content='Critical Audit Matters\\nThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be\\ncommunicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially\\nchallenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a\\nwhole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\\nAccounting for Income Taxes\\nAs described in Notes 1 and 7 to the consolidated financial statements, the Company recorded income tax expense of $1,131 million for the year ended May 31, 2023, and has net'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 58, 'page_label': '59', 'start_index': 771}, page_content=\"As described in Notes 1 and 7 to the consolidated financial statements, the Company recorded income tax expense of $1,131 million for the year ended May 31, 2023, and has net\\ndeferred tax assets of $1,799 million, including a valuation allowance of $22 million, and total gross unrecognized tax benefits, excluding related interest and penalties, of $936 million\\nas of May 31, 2023, $651 million of which would affect the Company's effective tax rate if recognized in future periods. The realization of deferred tax assets is dependent on future\\ntaxable earnings. Management assesses the scheduled reversal of deferred tax liabilities, projected future taxable income and available tax planning strategies and considers foreign\\ntax credit utilization in making this assessment of realization. A valuation allowance is established against the net deferred tax asset to the extent that recovery is not likely. The\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 58, 'page_label': '59', 'start_index': 1499}, page_content=\"tax credit utilization in making this assessment of realization. A valuation allowance is established against the net deferred tax asset to the extent that recovery is not likely. The\\nCompany is subject to taxation in the United States, as well as various state and foreign jurisdictions. As disclosed by management, the use of significant judgment and estimates, as\\nwell as the interpretation and application of complex tax laws is required by management to determine the Company's provision for income taxes.\\nThe principal considerations for our determination that performing procedures relating to the accounting for income taxes is a critical audit matter are a high degree of auditor\\njudgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to management's assessment of complex tax laws and regulations as it relates to\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 58, 'page_label': '59', 'start_index': 2188}, page_content=\"judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to management's assessment of complex tax laws and regulations as it relates to\\ndetermining the provision for income taxes. In addition, the audit effort involved the use of professionals with specialized skill and knowledge.\\nAddressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These\\nprocedures included testing the effectiveness of controls relating to income taxes, evaluating changes in and compliance with tax laws, and testing the calculation of the provision of\\nincome taxes. Professionals with specialized skill and knowledge were used to assist in evaluating changes in and compliance with the tax laws and regulations and the provision for\\nincome taxes.\\n/s/ \\nPricewaterhouseCoopers LLP\\nPortland, Oregon\\nJuly 20, 2023\\nWe have served as the Company's auditor since 1974.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 58, 'page_label': '59', 'start_index': 3055}, page_content=\"income taxes.\\n/s/ \\nPricewaterhouseCoopers LLP\\nPortland, Oregon\\nJuly 20, 2023\\nWe have served as the Company's auditor since 1974.\\n2023 FORM 10-K \\n54\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 59, 'page_label': '60', 'start_index': 0}, page_content='NIKE, INC.\\nCONSOLIDATED STATEMENTS OF INCOME\\nYEAR ENDED MAY 31,\\n(In millions, except per share data)\\n2023\\n2022\\n2021\\nRevenues\\n$\\n51,217\\n \\n$\\n46,710\\n \\n$\\n44,538\\n \\nCost of sales\\n28,925\\n \\n25,231\\n \\n24,576\\n \\nGross profit\\n22,292\\n \\n21,479\\n \\n19,962\\n \\nDemand creation expense\\n4,060\\n \\n3,850\\n \\n3,114\\n \\nOperating overhead expense\\n12,317\\n \\n10,954\\n \\n9,911\\n \\nTotal selling and administrative expense\\n16,377\\n \\n14,804\\n \\n13,025\\n \\nInterest expense (income), net\\n(\\n6\\n)\\n205\\n \\n262\\n \\nOther (income) expense, net\\n(\\n280\\n)\\n(\\n181\\n)\\n14\\n \\nIncome before income taxes\\n6,201\\n \\n6,651\\n \\n6,661\\n \\nIncome tax expense\\n1,131\\n \\n605\\n \\n934\\n \\nNET INCOME\\n$\\n5,070\\n \\n$\\n6,046\\n \\n$\\n5,727\\n \\nEarnings per common share:\\nBasic\\n$\\n3.27\\n \\n$\\n3.83\\n \\n$\\n3.64\\n \\nDiluted\\n$\\n3.23\\n \\n$\\n3.75\\n \\n$\\n3.56\\n \\nWeighted average common shares outstanding:\\nBasic\\n1,551.6\\n \\n1,578.8\\n \\n1,573.0\\n \\nDiluted\\n1,569.8\\n \\n1,610.8\\n \\n1,609.4\\n \\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\\n2023 FORM 10-K \\n55'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 60, 'page_label': '61', 'start_index': 0}, page_content='NIKE, INC.\\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nNet income\\n$\\n5,070\\n \\n$\\n6,046\\n \\n$\\n5,727\\n \\nOther comprehensive income (loss), net of tax:\\nChange in net foreign currency translation adjustment\\n267\\n \\n(\\n522\\n)\\n496\\n \\nChange in net gains (losses) on cash flow hedges\\n(\\n348\\n)\\n1,214\\n \\n(\\n825\\n)\\nChange in net gains (losses) on other\\n(\\n6\\n)\\n6\\n \\n5\\n \\nTotal other comprehensive income (loss), net of tax\\n(\\n87\\n)\\n698\\n \\n(\\n324\\n)\\nTOTAL COMPREHENSIVE INCOME\\n$\\n4,983\\n \\n$\\n6,744\\n \\n$\\n5,403\\n \\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\\n2023 FORM 10-K \\n56'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 61, 'page_label': '62', 'start_index': 0}, page_content=\"NIKE, INC.\\nCONSOLIDATED BALANCE SHEETS\\nMAY 31,\\n(In millions)\\n2023\\n2022\\nASSETS\\nCurrent assets:\\nCash and equivalents\\n$\\n7,441\\n \\n$\\n8,574\\n \\nShort-term investments\\n3,234\\n \\n4,423\\n \\nAccounts receivable, net\\n4,131\\n \\n4,667\\n \\nInventories\\n8,454\\n \\n8,420\\n \\nPrepaid expenses and other current assets\\n1,942\\n \\n2,129\\n \\nTotal current assets\\n25,202\\n \\n28,213\\n \\nProperty, plant and equipment, net\\n5,081\\n \\n4,791\\n \\nOperating lease right-of-use assets, net\\n2,923\\n \\n2,926\\n \\nIdentifiable intangible assets, net\\n274\\n \\n286\\n \\nGoodwill\\n281\\n \\n284\\n \\nDeferred income taxes and other assets\\n3,770\\n \\n3,821\\n \\nTOTAL ASSETS\\n$\\n37,531\\n \\n$\\n40,321\\n \\nLIABILITIES AND SHAREHOLDERS' EQUITY\\nCurrent liabilities:\\nCurrent portion of long-term debt\\n$\\n—\\n \\n$\\n500\\n \\nNotes payable\\n6\\n \\n10\\n \\nAccounts payable\\n2,862\\n \\n3,358\\n \\nCurrent portion of operating lease liabilities\\n425\\n \\n420\\n \\nAccrued liabilities\\n5,723\\n \\n6,220\\n \\nIncome taxes payable\\n240\\n \\n222\\n \\nTotal current liabilities\\n9,256\\n \\n10,730\\n \\nLong-term debt\\n8,927\\n \\n8,920\\n \\nOperating lease liabilities\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 61, 'page_label': '62', 'start_index': 816}, page_content=\"425\\n \\n420\\n \\nAccrued liabilities\\n5,723\\n \\n6,220\\n \\nIncome taxes payable\\n240\\n \\n222\\n \\nTotal current liabilities\\n9,256\\n \\n10,730\\n \\nLong-term debt\\n8,927\\n \\n8,920\\n \\nOperating lease liabilities\\n2,786\\n \\n2,777\\n \\nDeferred income taxes and other liabilities\\n2,558\\n \\n2,613\\n \\nCommitments and contingencies (Note 16)\\nRedeemable preferred stock\\n—\\n \\n—\\n \\nShareholders' equity:\\nCommon stock at stated value:\\nClass A convertible — \\n305\\n and \\n305\\n shares outstanding\\n—\\n \\n—\\n \\nClass B — \\n1,227\\n and \\n1,266\\n shares outstanding\\n3\\n \\n3\\n \\nCapital in excess of stated value\\n12,412\\n \\n11,484\\n \\nAccumulated other comprehensive income (loss)\\n231\\n \\n318\\n \\nRetained earnings (deficit)\\n1,358\\n \\n3,476\\n \\nTotal shareholders' equity\\n14,004\\n \\n15,281\\n \\nTOTAL LIABILITIES AND SHAREHOLDERS' EQUITY\\n$\\n37,531\\n \\n$\\n40,321\\n \\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\\n2023 FORM 10-K \\n57\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 62, 'page_label': '63', 'start_index': 0}, page_content='NIKE, INC.\\nCONSOLIDATED STATEMENTS OF CASH FLOWS\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nCash provided (used) by operations:\\nNet income\\n$\\n5,070\\n \\n$\\n6,046\\n \\n$\\n5,727\\n \\nAdjustments to reconcile net income to net cash provided (used) by operations:\\nDepreciation\\n703\\n \\n717\\n \\n744\\n \\nDeferred income taxes\\n(\\n117\\n)\\n(\\n650\\n)\\n(\\n385\\n)\\nStock-based compensation\\n755\\n \\n638\\n \\n611\\n \\nAmortization, impairment and other\\n156\\n \\n123\\n \\n53\\n \\nNet foreign currency adjustments\\n(\\n213\\n)\\n(\\n26\\n)\\n(\\n138\\n)\\nChanges in certain working capital components and other assets and liabilities:\\n(Increase) decrease in accounts receivable\\n489\\n \\n(\\n504\\n)\\n(\\n1,606\\n)\\n(Increase) decrease in inventories\\n(\\n133\\n)\\n(\\n1,676\\n)\\n507\\n \\n(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets\\n(\\n644\\n)\\n(\\n845\\n)\\n(\\n182\\n)\\nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current\\nliabilities\\n(\\n225\\n)\\n1,365\\n \\n1,326'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 62, 'page_label': '63', 'start_index': 813}, page_content='(\\n644\\n)\\n(\\n845\\n)\\n(\\n182\\n)\\nIncrease (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current\\nliabilities\\n(\\n225\\n)\\n1,365\\n \\n1,326\\n \\nCash provided (used) by operations\\n5,841\\n \\n5,188\\n \\n6,657\\n \\nCash provided (used) by investing activities:\\nPurchases of short-term investments\\n(\\n6,059\\n)\\n(\\n12,913\\n)\\n(\\n9,961\\n)\\nMaturities of short-term investments\\n3,356\\n \\n8,199\\n \\n4,236\\n \\nSales of short-term investments\\n4,184\\n \\n3,967\\n \\n2,449\\n \\nAdditions to property, plant and equipment\\n(\\n969\\n)\\n(\\n758\\n)\\n(\\n695\\n)\\nOther investing activities\\n52\\n \\n(\\n19\\n)\\n171\\n \\nCash provided (used) by investing activities\\n564\\n \\n(\\n1,524\\n)\\n(\\n3,800\\n)\\nCash provided (used) by financing activities:\\nIncrease (decrease) in notes payable, net\\n(\\n4\\n)\\n15\\n \\n(\\n52\\n)\\nRepayment of borrowings\\n(\\n500\\n)\\n—\\n \\n(\\n197\\n)\\nProceeds from exercise of stock options and other stock issuances\\n651\\n \\n1,151\\n \\n1,172\\n \\nRepurchase of common stock\\n(\\n5,480\\n)\\n(\\n4,014\\n)\\n(\\n608\\n)\\nDividends — common and preferred\\n(\\n2,012\\n)\\n(\\n1,837'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 62, 'page_label': '63', 'start_index': 1613}, page_content='197\\n)\\nProceeds from exercise of stock options and other stock issuances\\n651\\n \\n1,151\\n \\n1,172\\n \\nRepurchase of common stock\\n(\\n5,480\\n)\\n(\\n4,014\\n)\\n(\\n608\\n)\\nDividends — common and preferred\\n(\\n2,012\\n)\\n(\\n1,837\\n)\\n(\\n1,638\\n)\\nOther financing activities\\n(\\n102\\n)\\n(\\n151\\n)\\n(\\n136\\n)\\nCash provided (used) by financing activities\\n(\\n7,447\\n)\\n(\\n4,836\\n)\\n(\\n1,459\\n)\\nEffect of exchange rate changes on cash and equivalents\\n(\\n91\\n)\\n(\\n143\\n)\\n143\\n \\nNet increase (decrease) in cash and equivalents\\n(\\n1,133\\n)\\n(\\n1,315\\n)\\n1,541\\n \\nCash and equivalents, beginning of year\\n8,574\\n \\n9,889\\n \\n8,348\\n \\nCASH AND EQUIVALENTS, END OF YEAR\\n$\\n7,441\\n \\n$\\n8,574\\n \\n$\\n9,889\\n \\nSupplemental disclosure of cash flow information:\\nCash paid during the year for:\\nInterest, net of capitalized interest\\n$\\n347\\n \\n$\\n290\\n \\n$\\n293\\n \\nIncome taxes\\n1,517\\n \\n1,231\\n \\n1,177\\n \\nNon-cash additions to property, plant and equipment\\n211\\n \\n160\\n \\n179\\n \\nDividends declared and not paid\\n524\\n \\n480\\n \\n438'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 62, 'page_label': '63', 'start_index': 2351}, page_content='$\\n347\\n \\n$\\n290\\n \\n$\\n293\\n \\nIncome taxes\\n1,517\\n \\n1,231\\n \\n1,177\\n \\nNon-cash additions to property, plant and equipment\\n211\\n \\n160\\n \\n179\\n \\nDividends declared and not paid\\n524\\n \\n480\\n \\n438\\n \\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\\n2023 FORM 10-K \\n58'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 63, 'page_label': '64', 'start_index': 0}, page_content=\"NIKE, INC.\\nCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY\\nCOMMON STOCK\\nCAPITAL IN\\nEXCESS\\nOF STATED\\nVALUE\\nACCUMULATED\\nOTHER\\nCOMPREHENSIVE\\nINCOME (LOSS)\\nRETAINED\\nEARNINGS\\n(DEFICIT)\\nTOTAL\\nCLASS A\\nCLASS B\\n(In millions, except per share data)\\nSHARES\\nAMOUNT\\nSHARES\\nAMOUNT\\nBalance at May 31, 2020\\n315\\n \\n$\\n—\\n \\n1,243\\n \\n$\\n3\\n \\n$\\n8,299\\n \\n$\\n(\\n56\\n)\\n$\\n(\\n191\\n)\\n$\\n8,055\\n \\nStock options exercised\\n21\\n \\n954\\n \\n954\\n \\nConversion to Class B Common Stock\\n(\\n10\\n)\\n10\\n \\n— \\nRepurchase of Class B Common Stock\\n(\\n5\\n)\\n(\\n28\\n)\\n(\\n622\\n)\\n(\\n650\\n)\\nDividends on common stock ($\\n1.070\\n per share) and\\npreferred stock ($\\n0.10\\n per share)\\n(\\n1,692\\n)\\n(\\n1,692\\n)\\nIssuance of shares to employees, net of shares\\nwithheld for employee taxes\\n4\\n \\n129\\n \\n(\\n43\\n)\\n86\\n \\nStock-based compensation\\n611\\n \\n611\\n \\nNet income\\n5,727\\n \\n5,727\\n \\nOther comprehensive income (loss)\\n(\\n324\\n)\\n(\\n324\\n)\\nBalance at May 31, 2021\\n305\\n \\n$\\n—\\n \\n1,273\\n \\n$\\n3\\n \\n$\\n9,965\\n \\n$\\n(\\n380\\n)\\n$\\n3,179\\n \\n$\\n12,767\\n \\nStock options exercised\\n17\\n \\n924\\n \\n924\\n \\nRepurchase of Class B Common Stock\\n(\\n27\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 63, 'page_label': '64', 'start_index': 813}, page_content='(\\n324\\n)\\n(\\n324\\n)\\nBalance at May 31, 2021\\n305\\n \\n$\\n—\\n \\n1,273\\n \\n$\\n3\\n \\n$\\n9,965\\n \\n$\\n(\\n380\\n)\\n$\\n3,179\\n \\n$\\n12,767\\n \\nStock options exercised\\n17\\n \\n924\\n \\n924\\n \\nRepurchase of Class B Common Stock\\n(\\n27\\n)\\n(\\n186\\n)\\n(\\n3,808\\n)\\n(\\n3,994\\n)\\nDividends on common stock ($\\n1.190\\n per share) and\\npreferred stock ($\\n0.10\\n per share)\\n(\\n1,886\\n)\\n(\\n1,886\\n)\\nIssuance of shares to employees, net of shares\\nwithheld for employee taxes\\n3\\n \\n143\\n \\n(\\n55\\n)\\n88\\n \\nStock-based compensation\\n638\\n \\n638\\n \\nNet income\\n6,046\\n \\n6,046\\n \\nOther comprehensive income (loss)\\n698\\n \\n698\\n \\nBalance at May 31, 2022\\n305\\n \\n$\\n—\\n \\n1,266\\n \\n$\\n3\\n \\n$\\n11,484\\n \\n$\\n318\\n \\n$\\n3,476\\n \\n$\\n15,281\\n \\nStock options exercised\\n8\\n \\n421\\n \\n421\\n \\nRepurchase of Class B Common Stock\\n(\\n51\\n)\\n(\\n378\\n)\\n(\\n5,131\\n)\\n(\\n5,509\\n)\\nDividends on common stock ($\\n1.325\\n per share) and\\npreferred stock ($\\n0.10\\n per share)\\n(\\n2,059\\n)\\n(\\n2,059\\n)\\nIssuance of shares to employees, net of shares\\nwithheld for employee taxes\\n4\\n \\n130\\n \\n2\\n \\n132\\n \\nStock-based compensation\\n755\\n \\n755\\n \\nNet income\\n5,070\\n \\n5,070'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 63, 'page_label': '64', 'start_index': 1615}, page_content='0.10\\n per share)\\n(\\n2,059\\n)\\n(\\n2,059\\n)\\nIssuance of shares to employees, net of shares\\nwithheld for employee taxes\\n4\\n \\n130\\n \\n2\\n \\n132\\n \\nStock-based compensation\\n755\\n \\n755\\n \\nNet income\\n5,070\\n \\n5,070\\n \\nOther comprehensive income (loss)\\n(\\n87\\n)\\n(\\n87\\n)\\nBalance at May 31, 2023\\n305\\n \\n$\\n—\\n \\n1,227\\n \\n$\\n3\\n \\n$\\n12,412\\n \\n$\\n231\\n \\n$\\n1,358\\n \\n$\\n14,004\\n \\nThe accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.\\n2023 FORM 10-K \\n59'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 64, 'page_label': '65', 'start_index': 0}, page_content='NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\\nNote 1\\nSummary of Significant Accounting Policies\\n61\\nNote 2\\nProperty, Plant and Equipment\\n67\\nNote 3\\nAccrued Liabilities\\n67\\nNote 4\\nFair Value Measurements\\n68\\nNote 5\\nShort-Term Borrowings and Credit Lines\\n70\\nNote 6\\nLong-Term Debt\\n71\\nNote 7\\nIncome Taxes\\n72\\nNote 8\\nRedeemable Preferred Stock\\n74\\nNote 9\\nCommon Stock and Stock-Based Compensation\\n74\\nNote 10\\nEarnings Per Share\\n77\\nNote 11\\nBenefit Plans\\n77\\nNote 12\\nRisk Management and Derivatives\\n77\\nNote 13\\nAccumulated Other Comprehensive Income (Loss)\\n81\\nNote 14\\nRevenues\\n83\\nNote 15\\nOperating Segments and Related Information\\n84\\nNote 16\\nCommitments and Contingencies\\n88\\nNote 17\\nLeases\\n88\\nNote 18\\nAcquisitions and Divestitures\\n89\\nNote 19\\nRestructuring\\n90\\n2023 FORM 10-K \\n60'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 0}, page_content=\"NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\\nDESCRIPTION OF BUSINESS\\nNIKE, Inc. is a worldwide leader in the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE, Inc.\\nportfolio brands include the NIKE Brand, Jordan Brand and Converse. The NIKE Brand is focused on performance athletic footwear, apparel, equipment, accessories and services\\nacross Men's, Women's and Kids', amplified with sport-inspired lifestyle products carrying the Swoosh trademark, as well as other NIKE Brand trademarks. The Jordan Brand is\\nfocused on athletic and casual footwear, apparel and accessories using the Jumpman trademark. Sales and operating results of Jordan Brand products are reported within the\\nrespective NIKE Brand geographic operating segments. Converse designs, distributes, licenses and sells casual sneakers, apparel and accessories under the Converse, Chuck\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 768}, page_content='respective NIKE Brand geographic operating segments. Converse designs, distributes, licenses and sells casual sneakers, apparel and accessories under the Converse, Chuck\\nTaylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. In some markets outside the U.S., these trademarks are licensed to third parties who design, distribute, market\\nand sell similar products. Operating results of the Converse brand are reported on a stand-alone basis.\\nBASIS OF CONSOLIDATION\\nThe Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the \"Company\" or \"NIKE\"). All significant intercompany transactions and balances have\\nbeen eliminated.\\nREVENUE RECOGNITION\\nRevenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, comprise a single performance obligation, which'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 1445}, page_content='REVENUE RECOGNITION\\nRevenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, comprise a single performance obligation, which\\nconsists of the sale of products to customers either through wholesale or direct to consumer channels. The Company satisfies the performance obligation and records revenues when\\ntransfer of control to the customer has occurred, based on the terms of sale. A customer is considered to have control once they are able to direct the use and receive substantially all\\nof the benefits of the product.\\nControl is transferred to wholesale customers upon shipment or upon receipt depending on the country of the sale and the agreement with the customer. Control transfers to retail store\\ncustomers at the time of sale and to substantially all digital commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 2216}, page_content='customers at the time of sale and to substantially all digital commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less\\nanticipated sales returns, discounts and miscellaneous claims from customers. Payment terms for wholesale transactions depend on the country of sale or agreement with the\\ncustomer and payment is generally required within 90 days or less of shipment to or receipt by the wholesale customer. Payment is due at the time of sale for retail store and digital\\ncommerce transactions.\\nConsideration for trademark licensing contracts is earned through sales-based or usage-based royalty arrangements, and the associated revenues are recognized over the license\\nperiod.\\nTaxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 2943}, page_content=\"period.\\nTaxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a\\ncustomer, are excluded from Revenues and Cost of sales in the Consolidated Statements of Income. Shipping and handling costs associated with outbound freight after control over a\\nproduct has transferred to a customer are accounted for as fulfillment costs and are included in Cost of sales when the related revenues are recognized.\\nSALES-RELATED RESERVES\\nConsideration promised in the Company's contracts with customers is variable due to anticipated reductions, such as sales returns, discounts and miscellaneous claims from\\ncustomers. The Company estimates the most likely amount it will be entitled to receive and records an anticipated reduction against Revenues, with an offsetting increase to Accrued\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 3647}, page_content='customers. The Company estimates the most likely amount it will be entitled to receive and records an anticipated reduction against Revenues, with an offsetting increase to Accrued\\nliabilities at the time revenues are recognized. The estimated cost of inventory for product returns is recorded in Prepaid expenses and other current assets on the Consolidated\\nBalance Sheets.\\nThe provision for anticipated sales returns consists of both contractual return rights and discretionary authorized returns. Provisions for post-invoice sales discounts consist of both\\ncontractual programs and discretionary discounts that are expected to be granted at a later date.\\nEstimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 65, 'page_label': '66', 'start_index': 4305}, page_content='Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers\\nand outstanding discounts and claims and (3) estimated returns, discounts and claims expected but not yet finalized with customers. Actual returns, discounts and claims in any future\\nperiod are inherently uncertain and thus may differ from estimates recorded. If actual or expected future returns, discounts or claims are significantly greater or lower than the reserves\\nestablished, a reduction or increase to net Revenues is recorded in the period in which such determination is made.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 66, 'page_label': '67', 'start_index': 0}, page_content='COST OF SALES\\nCost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), third-party royalties, certain foreign currency hedge gains and\\nlosses and product design costs. Shipping and handling costs are expensed as incurred and included in Cost of sales.\\nDEMAND CREATION EXPENSE\\nDemand creation expense\\n \\nconsists of advertising and promotion costs, including costs of endorsement contracts, complimentary products, television, digital and print advertising as\\nwell as media costs, brand events and retail brand presentation. Advertising production costs are expensed the first time an advertisement is run. Advertising media costs are\\nexpensed when the advertisement appears. Costs related to brand events are expensed when the event occurs. Costs related to retail brand presentation are expensed when the\\npresentation is complete and delivered.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 66, 'page_label': '67', 'start_index': 871}, page_content=\"presentation is complete and delivered.\\nA significant amount of the Company's promotional expenses result from payments under endorsement contracts. In general, endorsement payments are expensed on a straight-line\\nbasis over the term of the contract. However, certain contracts contain elements that may be accounted for differently based upon the facts and circumstances of each individual\\ncontract. Prepayments made under contracts are included in Prepaid expenses and other current assets or Deferred income taxes and other assets depending on the period to which\\nthe prepayment applies.\\nCertain contracts provide for contingent payments to endorsers based upon specific achievements in their sport (e.g., winning a championship). The Company records Demand\\ncreation expense for these amounts when the endorser achieves the specific goal.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 66, 'page_label': '67', 'start_index': 1632}, page_content=\"creation expense for these amounts when the endorser achieves the specific goal.\\nCertain contracts provide for variable payments based upon endorsers maintaining a level of performance in their sport over an extended period of time (e.g., maintaining a specified\\nranking in a sport for a year). When the Company determines payments are probable, the amounts are reported in\\n \\nDemand creation expense ratably over the contract period based on\\nthe Company's best estimate of the endorser's performance. In these instances, to the extent actual payments to the endorser differ from the Company's estimate due to changes in\\nthe endorser's performance, adjustments to Demand creation expense may be recorded in a future period.\\nCertain contracts provide for royalty payments to endorsers based upon a predetermined percent of sales of particular products, which the Company records in Cost of sales as the\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 66, 'page_label': '67', 'start_index': 2355}, page_content=\"Certain contracts provide for royalty payments to endorsers based upon a predetermined percent of sales of particular products, which the Company records in Cost of sales as the\\nrelated sales occur. For contracts containing minimum guaranteed royalty payments, the Company records the amount of any guaranteed payment in excess of that earned through\\nsales of product within Demand creation expense.\\nThrough cooperative advertising programs, the Company reimburses its wholesale customers for certain costs of advertising the Company's products. To the extent the Company\\nreceives a distinct good or service in exchange for consideration paid to the customer that does not exceed the fair value of that good or service, the amounts reimbursed are recorded\\nin Demand creation expense.\\nTotal Demand creation expense was $\\n4,060\\n million, $\\n3,850\\n million and $\\n3,114\\n million for the years ended May 31, 2023, 2022 and 2021, respectively. Prepaid advertising and\\npromotion expenses totaled $\\n755\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 66, 'page_label': '67', 'start_index': 3175}, page_content='4,060\\n million, $\\n3,850\\n million and $\\n3,114\\n million for the years ended May 31, 2023, 2022 and 2021, respectively. Prepaid advertising and\\npromotion expenses totaled $\\n755\\n million and $\\n773\\n million at May 31, 2023 and 2022, respectively, of which $\\n372\\n million and $\\n329\\n million, respectively, were recorded in Prepaid\\nexpenses and other current assets, and $\\n383\\n million and $\\n444\\n million, respectively, were recorded in Deferred income taxes and other assets, depending on the period to which the\\nprepayment applied.\\nOPERATING OVERHEAD EXPENSE\\nOperating overhead expense consists primarily of wage and benefit-related expenses, research and development costs, bad debt expense as well as other administrative expenses\\nsuch as rent, depreciation and amortization, professional services, certain technology investments, meetings and travel.\\nCASH AND EQUIVALENTS'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 66, 'page_label': '67', 'start_index': 3903}, page_content='such as rent, depreciation and amortization, professional services, certain technology investments, meetings and travel.\\nCASH AND EQUIVALENTS\\nCash and equivalents represent cash and short-term, highly liquid investments, that are both readily convertible to known amounts of cash and so near their maturity they present\\ninsignificant risk of changes in value because of changes in interest rates, with maturities three months or less at the date of purchase.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 67, 'page_label': '68', 'start_index': 0}, page_content='SHORT-TERM INVESTMENTS\\nShort-term investments consist of highly liquid investments with maturities over three months at the date of purchase. At May 31, 2023 and 2022, Short-term investments consisted of\\navailable-for-sale debt securities, which are recorded at fair value with unrealized gains and losses reported, net of tax, in Accumulated other comprehensive income (loss), unless\\nunrealized losses are determined to be unrecoverable. Realized gains and losses on the sale of securities are determined by specific identification. The Company considers all\\navailable-for-sale debt securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and, therefore, classifies all\\nsecurities with maturity dates beyond three months at the date of purchase as current assets within Short-term investments on the Consolidated Balance Sheets.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 67, 'page_label': '68', 'start_index': 741}, page_content=\"securities with maturity dates beyond three months at the date of purchase as current assets within Short-term investments on the Consolidated Balance Sheets.\\nRefer to Note 4 — Fair Value Measurements for more information on the Company's Short-term investments.\\nALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS RECEIVABLE\\nAccounts receivable, net\\n \\nconsist primarily of amounts due from customers. The Company makes ongoing estimates relating to the collectability of its accounts receivable and maintains\\nan allowance for expected losses resulting from the inability of its customers to make required payments. In addition to judgments about the creditworthiness of significant customers\\nbased on ongoing credit evaluations, the Company considers historical levels of credit losses, as well as macroeconomic and industry trends to determine the amount of the\\nallowance.\\n The allowance for uncollectible accounts receivable was $\\n35\\n million and $\\n34\\n million as of May 31, 2023 and 2022, respectively.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 67, 'page_label': '68', 'start_index': 1590}, page_content=\"allowance.\\n The allowance for uncollectible accounts receivable was $\\n35\\n million and $\\n34\\n million as of May 31, 2023 and 2022, respectively.\\nINVENTORY VALUATION\\nInventories, substantially all of which are finished goods, are stated at lower of cost and net realizable value and valued on either an average or a specific identification cost basis. In\\nsome instances, the Company ships products directly from its suppliers to the customer, with the related inventory and cost of sales recognized on a specific identification basis.\\nInventory costs primarily consist of product cost from the Company's suppliers, as well as inbound freight, import duties, taxes, insurance, logistics and other handling fees.\\nPROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION\\nProperty, plant and equipment are recorded at cost. Depreciation is determined on a straight-line basis for land improvements, buildings and leasehold improvements over \\n2\\n to \\n40\\nyears and for machinery and equipment over \\n2\\n to \\n15\\n years.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 67, 'page_label': '68', 'start_index': 2515}, page_content=\"2\\n to \\n40\\nyears and for machinery and equipment over \\n2\\n to \\n15\\n years.\\nDepreciation and amortization of assets used in manufacturing, warehousing and product distribution are recorded in Cost of sales. Depreciation and amortization of all other assets\\nare recorded in Operating overhead expense.\\nSOFTWARE DEVELOPMENT COSTS\\nExpenditures for major software purchases and software developed for internal use are capitalized and amortized over \\n2\\n to \\n12\\n years on a straight-line basis. The Company's policy\\nprovides for the capitalization of external direct costs associated with developing or obtaining internal use computer software. The Company also capitalizes certain payroll and\\npayroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 67, 'page_label': '68', 'start_index': 3199}, page_content=\"payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these\\nemployees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation\\nstage activities are expensed as incurred.\\nDevelopment costs of computer software to be sold, leased or otherwise marketed as an integral part of a product are subject to capitalization beginning when a product's\\ntechnological feasibility has been established and ending when a product is available for general release to customers. In most instances, the Company's products are released soon\\nafter technological feasibility has been established; therefore, software development costs incurred subsequent to achievement of technological feasibility are usually not significant,\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 67, 'page_label': '68', 'start_index': 3948}, page_content='after technological feasibility has been established; therefore, software development costs incurred subsequent to achievement of technological feasibility are usually not significant,\\nand generally, most software development costs have been expensed as incurred.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 0}, page_content='IMPAIRMENT OF LONG-LIVED ASSETS\\nThe Company reviews the carrying value of long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate the carrying amount of\\nthe assets might not be recoverable. Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used,\\na significant adverse change in legal factors or the business climate that could affect the value of the asset or a significant decline in the observable market value of an asset, among\\nothers. If such facts indicate a potential impairment, the Company would assess the recoverability of an asset group by determining if the carrying value of the asset group exceeds the\\nsum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 761}, page_content=\"sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset\\ngroup. If the recoverability test indicates that the carrying value of the asset group is not recoverable, the Company will estimate the fair value of the asset group using appropriate\\nvaluation methodologies, which would typically include an estimate of discounted cash flows. Any impairment would be measured as the difference between the asset group's carrying\\namount and its estimated fair value.\\nGOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS\\nThe Company performs annual impairment tests on goodwill and intangible assets with indefinite lives in the fourth quarter of each fiscal year or when events occur or circumstances\\nchange that would, more likely than not, reduce the fair value of a reporting unit or an intangible asset with an indefinite life below its carrying value.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 1574}, page_content=\"change that would, more likely than not, reduce the fair value of a reporting unit or an intangible asset with an indefinite life below its carrying value.\\nFor purposes of testing goodwill for impairment, the Company allocates goodwill across its reporting units, which are considered the Company's operating segments. For both goodwill\\nand indefinite-lived intangible assets, which primarily consist of acquired trade names and trademarks, the Company may first assess qualitative factors to determine whether it is more\\nlikely than not that the fair value of a reporting unit or an intangible asset with an indefinite life is less than its carrying amount. If, after assessing the totality of events and\\ncircumstances, the Company determines it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is greater than its carrying amount, an\\nimpairment test is unnecessary.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 2462}, page_content='impairment test is unnecessary.\\nIf an impairment test is necessary, the Company will estimate the fair value of the related reporting unit or indefinite-lived intangible asset. If the carrying value of a reporting unit or\\nindefinite-lived intangible asset exceeds its fair value, the goodwill of that reporting unit or indefinite-lived intangible asset is determined to be impaired and the Company will record an\\nimpairment charge equal to the excess of the carrying value over the related fair value.\\nThere were \\nno\\n accumulated impairment losses as of May 31, 2023 and 2022. Additionally, the impact to Goodwill as a result of acquisitions and divestitures during fiscal 2023 and\\n2022, was not material.\\nOPERATING LEASES\\nThe Company primarily leases retail store space, certain distribution and warehouse facilities, office space, equipment and other non-real estate assets. The Company determines if an'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 3168}, page_content='OPERATING LEASES\\nThe Company primarily leases retail store space, certain distribution and warehouse facilities, office space, equipment and other non-real estate assets. The Company determines if an\\narrangement is a lease at inception and begins recording lease activity at the commencement date, which is generally the date in which the Company takes possession of or controls\\nthe physical use of the asset. Lease components are not separated from non-lease components for real estate leases within the Company\\'s lease portfolio. Right-of-use (\"ROU\")\\nassets and lease liabilities are recognized based on the present value of lease payments over the lease term with lease expense recognized on a straight-line basis. The Company\\'s\\nincremental borrowing rate is used to determine the present value of future lease payments unless the implicit rate is readily determinable.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 3900}, page_content='incremental borrowing rate is used to determine the present value of future lease payments unless the implicit rate is readily determinable.\\nLease agreements may contain rent escalation clauses, renewal or termination options, rent holidays or certain landlord incentives, including tenant improvement allowances. ROU\\nassets include amounts for scheduled rent increases and are reduced by the amount of lease incentives. The lease term includes the non-cancelable period of the lease and options to\\nextend or terminate the lease when it is reasonably certain the Company will exercise those options. The Company does not record leases with an initial term of 12 months or less on\\nthe Consolidated Balance Sheets and recognizes related lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. Certain lease'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 68, 'page_label': '69', 'start_index': 4580}, page_content='the Consolidated Balance Sheets and recognizes related lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. Certain lease\\nagreements include variable lease payments, which are based on a percent of retail sales over specified levels or adjust periodically for inflation as a result of changes in a published\\nindex, primarily the Consumer Price Index, and are expensed as incurred.\\nFAIR VALUE MEASUREMENTS\\nThe Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. Fair value\\nis the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a\\nthree-level hierarchy that prioritizes fair value measurements based on the types of inputs used, as follows:'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 0}, page_content=\"•\\nLevel 1: Quoted prices in active markets for identical assets or liabilities.\\n•\\nLevel 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active\\nmarkets and quoted prices for identical or similar assets or liabilities in markets that are not active.\\n•\\nLevel 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions.\\nThe Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or\\nliability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 696}, page_content='liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.\\nPricing vendors are utilized for a majority of Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without\\napplying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit\\nrisks. The fair value of derivative contracts is determined using observable market inputs such as the daily market foreign currency rates, forward pricing curves, currency volatilities,\\ncurrency correlations and interest rates and considers nonperformance risk of the Company and its counterparties.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 1430}, page_content=\"currency correlations and interest rates and considers nonperformance risk of the Company and its counterparties.\\nThe Company's fair value measurement process includes comparing fair values to another independent pricing vendor to ensure appropriate fair values are recorded.\\nRefer to Note 4 — Fair Value Measurements for additional information.\\nFOREIGN CURRENCY TRANSLATION AND FOREIGN CURRENCY TRANSACTIONS\\nAdjustments resulting from translating foreign functional currency financial statements into U.S. Dollars are included in the foreign currency translation adjustment, a component of\\nAccumulated other comprehensive income (loss).\\nThe Company's global subsidiaries have various monetary assets and liabilities, primarily receivables and payables, which are denominated in currencies other than their functional\\ncurrency. These balance sheet items are subject to remeasurement, the impact of which is recorded in Other (income) expense, net, within the Consolidated Statements of Income.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 2248}, page_content='currency. These balance sheet items are subject to remeasurement, the impact of which is recorded in Other (income) expense, net, within the Consolidated Statements of Income.\\nACCOUNTING FOR DERIVATIVES AND HEDGING ACTIVITIES\\nThe Company uses derivative financial instruments to reduce its exposure to changes in foreign currency exchange rates and interest rates. All derivatives are recorded at fair value\\non the Consolidated Balance Sheets and changes in the fair value of derivative financial instruments are either recognized in Accumulated other comprehensive income (loss), Long-\\nterm debt or Net income depending on the nature of the underlying exposure, whether the derivative is formally designated as a hedge and, if designated, the extent to which the\\nhedge is effective. The Company classifies the cash flows at settlement from derivatives in the same category as the cash flows from the related hedged items. For undesignated'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 3012}, page_content=\"hedge is effective. The Company classifies the cash flows at settlement from derivatives in the same category as the cash flows from the related hedged items. For undesignated\\nhedges and designated cash flow hedges, this is primarily within the Cash provided by operations component of the Consolidated Statements of Cash Flows. For designated net\\ninvestment hedges, this is within the Cash provided by investing activities component of the Consolidated Statements of Cash Flows. For the Company's fair value hedges, which are\\ninterest rate swaps used to mitigate the change in fair value of its fixed-rate debt attributable to changes in interest rates, the related cash flows from periodic interest payments are\\nreflected within the Cash provided by operations component of the Consolidated Statements of Cash Flows.\\nRefer to Note 12 — Risk Management and Derivatives for additional information on the Company's risk management program and derivatives.\\nSTOCK-BASED COMPENSATION\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 3831}, page_content=\"Refer to Note 12 — Risk Management and Derivatives for additional information on the Company's risk management program and derivatives.\\nSTOCK-BASED COMPENSATION\\nThe Company accounts for stock-based compensation by estimating the fair value, net of estimated forfeitures, of equity awards and recognizing the related expense as Cost of sales\\nor Operating overhead expense, as applicable, in the Consolidated Statements of Income on a straight-line basis over the vesting period. Substantially all awards vest ratably over \\nfour\\nyears\\n of continued employment, with stock options expiring \\n10\\n years from the date of grant. Performance-based restricted stock units vest based on the Company's achievement of\\ncertain performance criteria throughout the \\nthree-year\\n performance period and continued employment through the vesting date. The fair value of options, stock appreciation rights and\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 69, 'page_label': '70', 'start_index': 4537}, page_content='certain performance criteria throughout the \\nthree-year\\n performance period and continued employment through the vesting date. The fair value of options, stock appreciation rights and\\nemployees\\' purchase rights under the employee stock purchase plans (\"ESPPs\") is determined using the Black-Scholes option pricing model. The fair value of restricted stock and\\ntime-vesting restricted stock units is established by the market price on the date of grant. The fair value of performance-based restricted stock units is estimated as of the grant date\\nusing a Monte Carlo simulation.\\nRefer to Note 9 — Common Stock and Stock-Based Compensation for additional information on the Company\\'s stock-based compensation programs.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 70, 'page_label': '71', 'start_index': 0}, page_content='INCOME TAXES\\nThe Company accounts for income taxes using the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax\\nconsequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax\\nassets to the amount management believes is more likely than not to be realized. Realization of deferred tax assets is dependent on future taxable earnings and is therefore uncertain.\\nAt least quarterly, the Company assesses taxable income in prior carryback periods, the scheduled reversal of deferred tax liabilities, projected future taxable income and available tax\\nplanning strategies. The Company uses forecasts of taxable income and considers foreign tax credit utilization in making this assessment of realization, which are inherently uncertain'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 70, 'page_label': '71', 'start_index': 742}, page_content=\"planning strategies. The Company uses forecasts of taxable income and considers foreign tax credit utilization in making this assessment of realization, which are inherently uncertain\\nand can result in significant variation between estimated and actual results. To the extent the Company believes that recovery is not likely, a valuation allowance is established against\\nthe net deferred tax asset, which increases the Company's income tax expense in the period when such determination is made.\\nThe Company recognizes a tax benefit from uncertain tax positions in the financial statements only when it is more likely than not the position will be sustained upon examination by\\nrelevant tax authorities. The Company recognizes interest and penalties related to income tax matters in Income tax expense.\\nRefer to Note 7 — Income Taxes for further discussion.\\nEARNINGS PER SHARE\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 70, 'page_label': '71', 'start_index': 1419}, page_content='relevant tax authorities. The Company recognizes interest and penalties related to income tax matters in Income tax expense.\\nRefer to Note 7 — Income Taxes for further discussion.\\nEARNINGS PER SHARE\\nBasic earnings per common share is calculated by dividing Net income by the weighted average number of common shares outstanding during the year. Diluted earnings per common\\nshare is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards.\\nRefer to Note 10 — Earnings Per Share for further discussion.\\nMANAGEMENT ESTIMATES\\nThe preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, including estimates relating to\\nassumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 70, 'page_label': '71', 'start_index': 2190}, page_content='assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of\\nrevenues and expenses during the reporting period. Actual results could differ from these estimates. Additionally, the macroeconomic environment could remain volatile as the risk\\nexists that worsening macroeconomic conditions could have a material, adverse impact on future revenue growth as well as overall profitability.\\nRECENTLY ISSUED ACCOUNTING STANDARDS\\nIn September 2022, the Financial Accounting Standards Board (the \"FASB\") issued Accounting Standards Update (\"ASU\") ASU 2022-04, Liabilities — Supplier Finance Programs\\n(Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances transparency surrounding the use of supplier finance programs. The new guidance requires'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 70, 'page_label': '71', 'start_index': 2906}, page_content=\"(Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances transparency surrounding the use of supplier finance programs. The new guidance requires\\nqualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and\\npotential magnitude of such programs. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods, except\\nfor the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company will adopt the required guidance in the first quarter\\nof fiscal 2024 and is currently evaluating the ASU to determine its impact on the Company's disclosures\\n.\\n2023 FORM 10-K \\n66\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 71, 'page_label': '72', 'start_index': 0}, page_content='NOTE 2 — PROPERTY, PLANT AND EQUIPMENT\\nProperty, plant and equipment, net included the following:\\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nLand and improvements\\n$\\n326\\n \\n$\\n330\\n \\nBuildings\\n3,293\\n \\n3,170\\n \\nMachinery and equipment\\n3,083\\n \\n2,870\\n \\nInternal-use software\\n1,612\\n \\n1,616\\n \\nLeasehold improvements\\n1,876\\n \\n1,712\\n \\nConstruction in process\\n525\\n \\n399\\n \\nTotal property, plant and equipment, gross\\n10,715\\n \\n10,097\\n \\nLess accumulated depreciation\\n5,634\\n \\n5,306\\n \\nTOTAL PROPERTY, PLANT AND EQUIPMENT, NET\\n$\\n5,081\\n \\n$\\n4,791\\n \\nCapitalized interest was not material for the fiscal years ended May 31, 2023, 2022 and 2021.\\nNOTE 3 — ACCRUED LIABILITIES\\nAccrued liabilities included the following:\\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nCompensation and benefits, excluding taxes\\n$\\n1,737\\n \\n$\\n1,297\\n \\nSales-related reserves\\n994\\n \\n1,015\\n \\nEndorsement compensation\\n552\\n \\n496\\n \\nDividends payable\\n529\\n \\n485\\n \\nAllowance for expected loss on sale\\n—\\n \\n397\\n \\nOther\\n1,911\\n \\n2,530\\n \\nTotal Accrued Liabilities\\n$\\n5,723'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 71, 'page_label': '72', 'start_index': 816}, page_content='994\\n \\n1,015\\n \\nEndorsement compensation\\n552\\n \\n496\\n \\nDividends payable\\n529\\n \\n485\\n \\nAllowance for expected loss on sale\\n—\\n \\n397\\n \\nOther\\n1,911\\n \\n2,530\\n \\nTotal Accrued Liabilities\\n$\\n5,723\\n \\n$\\n6,220\\n \\n(1)\\nRefer to Note 18 — Acquisitions and Divestitures for additional information.\\n(1)\\n2023 FORM 10-K \\n67'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 72, 'page_label': '73', 'start_index': 0}, page_content=\"NOTE 4 — FAIR VALUE MEASUREMENTS\\nThe following tables present information about the Company's financial assets measured at fair value on a recurring basis as of May 31, 2023 and 2022, and indicate the level in the\\nfair value hierarchy in which the Company classifies the fair value measurement. Refer to Note 1 — Summary of Significant Accounting Policies for additional detail regarding the\\nCompany's fair value measurement methodology.\\nMAY 31, 2023\\n(Dollars in millions)\\nASSETS AT FAIR VALUE\\nCASH AND EQUIVALENTS\\nSHORT-TERM INVESTMENTS\\nCash\\n$\\n1,767\\n \\n$\\n1,767\\n \\n$\\n— \\nLevel 1:\\nU.S. Treasury securities\\n2,655\\n \\n—\\n \\n2,655\\n \\nLevel 2:\\nCommercial paper and bonds\\n543\\n \\n15\\n \\n528\\n \\nMoney market funds\\n5,157\\n \\n5,157\\n \\n—\\n \\nTime deposits\\n507\\n \\n502\\n \\n5\\n \\nU.S. Agency securities\\n46\\n \\n—\\n \\n46\\n \\nTotal Level 2\\n6,253\\n \\n5,674\\n \\n579\\n \\nTOTAL\\n$\\n10,675\\n \\n$\\n7,441\\n \\n$\\n3,234\\n \\nMAY 31, 2022\\n(Dollars in millions)\\nASSETS AT FAIR VALUE\\nCASH AND EQUIVALENTS\\nSHORT-TERM INVESTMENTS\\nCash\\n$\\n839\\n \\n$\\n839\\n \\n$\\n— \\nLevel 1:\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 72, 'page_label': '73', 'start_index': 795}, page_content=\"6,253\\n \\n5,674\\n \\n579\\n \\nTOTAL\\n$\\n10,675\\n \\n$\\n7,441\\n \\n$\\n3,234\\n \\nMAY 31, 2022\\n(Dollars in millions)\\nASSETS AT FAIR VALUE\\nCASH AND EQUIVALENTS\\nSHORT-TERM INVESTMENTS\\nCash\\n$\\n839\\n \\n$\\n839\\n \\n$\\n— \\nLevel 1:\\nU.S. Treasury securities\\n3,801\\n \\n8\\n \\n3,793\\n \\nLevel 2:\\nCommercial paper and bonds\\n660\\n \\n37\\n \\n623\\n \\nMoney market funds\\n6,458\\n \\n6,458\\n \\n—\\n \\nTime deposits\\n1,237\\n \\n1,232\\n \\n5\\n \\nU.S. Agency securities\\n2\\n \\n—\\n \\n2\\n \\nTotal Level 2\\n8,357\\n \\n7,727\\n \\n630\\n \\nTOTAL\\n$\\n12,997\\n \\n$\\n8,574\\n \\n$\\n4,423\\n \\nAs of May 31, 2023, the Company held $\\n2,563\\n million of available-for-sale debt securities with maturity dates within one year and $\\n671\\n million with maturity dates over one year and\\nless than five years in Short-term investments on the Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized\\ncost.\\nIncluded in Interest expense (income), net was interest income related to the Company's investment portfolio of $\\n297\\n million, $\\n94\\n million and $\\n34\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 72, 'page_label': '73', 'start_index': 1632}, page_content=\"cost.\\nIncluded in Interest expense (income), net was interest income related to the Company's investment portfolio of $\\n297\\n million, $\\n94\\n million and $\\n34\\n million for the years ended May 31,\\n2023, 2022 and 2021, respectively.\\nThe Company records the assets and liabilities of its derivative financial instruments on a gross basis on the Consolidated Balance Sheets. The Company's derivative financial\\ninstruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. Any amounts of cash\\ncollateral received related to these instruments associated with the Company's credit-related contingent features are recorded in Cash and equivalents and Accrued liabilities, the\\nlatter of which would further offset against the Company's derivative asset balance. Any amounts of cash collateral posted related to these instruments associated with the Company's\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 72, 'page_label': '73', 'start_index': 2405}, page_content=\"latter of which would further offset against the Company's derivative asset balance. Any amounts of cash collateral posted related to these instruments associated with the Company's\\ncredit-related contingent features are recorded in Prepaid expenses and other current assets, which would further offset against the Company's derivative liability balance. Cash\\ncollateral received or posted related to the Company's credit-related contingent features is presented in the Cash provided by operations component of the Consolidated Statements\\nof Cash Flows. The Company does not recognize amounts of non-cash collateral received, such as securities, on the Consolidated Balance Sheets. For further information related to\\ncredit risk, refer to Note 12 — Risk Management and Derivatives.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 73, 'page_label': '74', 'start_index': 0}, page_content=\"The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value\\nhierarchy in which the Company classifies the fair value measurement:\\nMAY 31, 2023\\nDERIVATIVE ASSETS\\nDERIVATIVE LIABILITIES\\n(Dollars in millions)\\nASSETS AT\\nFAIR VALUE\\nOTHER\\nCURRENT\\nASSETS\\nOTHER LONG-\\nTERM ASSETS\\nLIABILITIES AT\\nFAIR VALUE\\nACCRUED\\nLIABILITIES\\nOTHER LONG-\\nTERM\\nLIABILITIES\\nLevel 2:\\nForeign exchange forwards and options\\n$\\n557\\n \\n$\\n493\\n \\n$\\n64\\n \\n$\\n180\\n \\n$\\n128\\n \\n$\\n52\\n \\n(1)\\nIf the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $\\n178\\n million as of May 31, 2023. As of that date,\\nthe Company received $\\n36\\n million of cash collateral from various counterparties related to foreign exchange derivative instruments. \\nNo\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 73, 'page_label': '74', 'start_index': 731}, page_content='178\\n million as of May 31, 2023. As of that date,\\nthe Company received $\\n36\\n million of cash collateral from various counterparties related to foreign exchange derivative instruments. \\nNo\\n amount of collateral was posted on the derivative liability balance as of May 31,\\n2023.\\nMAY 31, 2022\\nDERIVATIVE ASSETS\\nDERIVATIVE LIABILITIES\\n(Dollars in millions)\\nASSETS AT\\nFAIR VALUE\\nOTHER\\nCURRENT\\nASSETS\\nOTHER LONG-\\nTERM ASSETS\\nLIABILITIES AT\\nFAIR VALUE\\nACCRUED\\nLIABILITIES\\nOTHER LONG-\\nTERM\\nLIABILITIES\\nLevel 2:\\nForeign exchange forwards and options and embedded derivatives\\n$\\n880\\n \\n$\\n674\\n \\n$\\n206\\n \\n$\\n77\\n \\n$\\n66\\n \\n$\\n11\\n \\n(1)\\nIf the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $\\n76\\n million as of May 31, 2022. As of that date,\\nthe Company had received $\\n486\\n million of cash collateral from various counterparties related to foreign exchange derivative instruments. \\nNo'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 73, 'page_label': '74', 'start_index': 1513}, page_content=\"76\\n million as of May 31, 2022. As of that date,\\nthe Company had received $\\n486\\n million of cash collateral from various counterparties related to foreign exchange derivative instruments. \\nNo\\n amount of collateral was posted on the Company's derivative liability balance\\nas of May 31, 2022.\\nFor additional information related to the Company's derivative financial instruments, refer to Note 12 — Risk Management and Derivatives. For fair value information regarding Notes\\npayable and Long-term debt, refer to Note 5 — Short-Term Borrowings and Credit Lines and Note 6 — Long-Term Debt, respectively.\\nThe carrying amounts of other current financial assets and other current financial liabilities approximate fair value.\\nNON-RECURRING FAIR VALUE MEASUREMENTS\\nAs further discussed in Note 18 — Acquisitions and Divestitures, the Company met the criteria to recognize the related assets and liabilities of its Argentina, Chile and Uruguay entities\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 73, 'page_label': '74', 'start_index': 2270}, page_content=\"As further discussed in Note 18 — Acquisitions and Divestitures, the Company met the criteria to recognize the related assets and liabilities of its Argentina, Chile and Uruguay entities\\nas held-for-sale as of May 31, 2022. This required the Company to remeasure the disposal groups at fair value, less costs to sell, which is considered a Level 3 fair value measurement\\nand was based on each transaction's estimated consideration.\\nAll other assets or liabilities required to be measured at fair value on a non-recurring basis as of May 31, 2023 and 2022 were immaterial.\\n(1)\\n(1)\\n2023 FORM 10-K \\n69\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 74, 'page_label': '75', 'start_index': 0}, page_content=\"NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES\\nThe carrying amounts reflected in the Consolidated Balance Sheets for Notes payable approximate fair value.\\nOn March 11, 2022, the Company entered into a \\nfive-year\\n committed credit facility agreement with a syndicate of banks which provides for up to $\\n2\\n billion of borrowings, with the\\noption to increase borrowings up to $\\n3\\n billion in total with lender approval. The facility matures on March 11, 2027, with options to extend the maturity date up to an additional \\ntwo\\nyears\\n. This facility replaces the prior $\\n2\\n billion five-year credit facility agreement entered into on August 16, 2019, which would have matured on August 16, 2024. Based on the\\nCompany's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged\\non any outstanding borrowings would be the prevailing Term SOFR for the applicable interest period plus \\n0.60\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 74, 'page_label': '75', 'start_index': 885}, page_content=\"on any outstanding borrowings would be the prevailing Term SOFR for the applicable interest period plus \\n0.60\\n%. The facility fee is \\n0.04\\n% of the total undrawn commitment.\\nOn March 10, 2023, the Company entered into a \\n364\\n-day committed credit facility agreement with a syndicate of banks, which provides for up to $\\n1\\n billion of borrowings, with an\\noption to increase borrowings up to $\\n1.5\\n billion in total with lender approval. The facility matures on March 8, 2024, with an option to extend the maturity date an additional \\n364\\n days.\\nThis facility replaces the prior $\\n1\\n billion \\n364\\n-day credit facility agreement entered into on March 11, 2022, which matured on March 10, 2023. Based on the Company's current long-\\nterm senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 74, 'page_label': '75', 'start_index': 1613}, page_content='term senior unsecured debt ratings of AA- and A1 from Standard and Poor\\'s Corporation and Moody\\'s Investor Services, respectively, the interest rate charged on any outstanding\\nborrowings would be the prevailing Term Secured Overnight Financing Rate (\"Term SOFR\") for the applicable interest period plus \\n0.60\\n%. The facility fee is \\n0.02\\n% of the total undrawn\\ncommitment.\\nAs of and for the periods ended May 31, 2023 and 2022, \\nno\\n amounts were outstanding under any of the Company\\'s committed credit facilities.\\n2023 FORM 10-K \\n70'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 75, 'page_label': '76', 'start_index': 0}, page_content='NOTE 6 — LONG-TERM DEBT\\nLong-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following: \\nBOOK VALUE\\nOUTSTANDING \\nAS OF MAY 31,\\nScheduled Maturity (Dollars in millions)\\nORIGINAL PRINCIPAL\\nINTEREST RATE\\nINTEREST PAYMENTS\\n2023\\n2022\\nCorporate Term Debt:\\nMay 1, 2023\\n$\\n500\\n \\n2.25\\n \\n%\\nSemi-Annually\\n$\\n—\\n \\n$\\n500\\n \\nMarch 27, 2025\\n1,000\\n \\n2.40\\n \\n%\\nSemi-Annually\\n998\\n \\n996\\n \\nNovember 1, 2026\\n1,000\\n \\n2.38\\n \\n%\\nSemi-Annually\\n997\\n \\n997\\n \\nMarch 27, 2027\\n1,000\\n \\n2.75\\n \\n%\\nSemi-Annually\\n997\\n \\n996\\n \\nMarch 27, 2030\\n1,500\\n \\n2.85\\n \\n%\\nSemi-Annually\\n1,492\\n \\n1,491\\n \\nMarch 27, 2040\\n1,000\\n \\n3.25\\n \\n%\\nSemi-Annually\\n987\\n \\n986\\n \\nMay 1, 2043\\n500\\n \\n3.63\\n \\n%\\nSemi-Annually\\n496\\n \\n496\\n \\nNovember 1, 2045\\n1,000\\n \\n3.88\\n \\n%\\nSemi-Annually\\n986\\n \\n985\\n \\nNovember 1, 2046\\n500\\n \\n3.38\\n \\n%\\nSemi-Annually\\n492\\n \\n492\\n \\nMarch 27, 2050\\n1,500\\n \\n3.38\\n \\n%\\nSemi-Annually\\n1,482\\n \\n1,481\\n \\nTotal\\n8,927\\n \\n9,420\\n \\nLess Current Portion of Long-Term Debt\\n—\\n \\n500\\n \\nTOTAL LONG-TERM DEBT\\n$\\n8,927\\n \\n$\\n8,920\\n \\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 75, 'page_label': '76', 'start_index': 803}, page_content=\"492\\n \\n492\\n \\nMarch 27, 2050\\n1,500\\n \\n3.38\\n \\n%\\nSemi-Annually\\n1,482\\n \\n1,481\\n \\nTotal\\n8,927\\n \\n9,420\\n \\nLess Current Portion of Long-Term Debt\\n—\\n \\n500\\n \\nTOTAL LONG-TERM DEBT\\n$\\n8,927\\n \\n$\\n8,920\\n \\n(1)\\nThese senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness.\\n(2)\\nThe bonds are redeemable at the Company's option at a price equal to the greater of (i) \\n100\\n% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining\\nscheduled payments, plus in each case, accrued and unpaid interest. However, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to \\n100\\n% of the aggregate principal\\namount of the notes being redeemed, plus accrued and unpaid interest on or after the Par Call Date, as defined in the respective notes.\\nThe scheduled maturity of Long-term debt in each of the years ending May 31, 2024 through 2028, are $\\n0 million\\n, $\\n1,000\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 75, 'page_label': '76', 'start_index': 1679}, page_content=\"The scheduled maturity of Long-term debt in each of the years ending May 31, 2024 through 2028, are $\\n0 million\\n, $\\n1,000\\n million, $\\n0 million\\n, $\\n2,000\\n million and $\\n0 million\\n, respectively,\\nat face value.\\nThe Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of long-term debt is estimated based\\nupon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current\\nportion, was approximately $\\n7,889\\n million and $\\n8,933\\n million as of May 31, 2023 and 2022, respectively.\\n(1)(2)\\n2023 FORM 10-K \\n71\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 76, 'page_label': '77', 'start_index': 0}, page_content='NOTE 7 — INCOME TAXES\\nIncome before income taxes is as follows:\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nIncome before income taxes:\\nUnited States\\n$\\n4,663\\n \\n$\\n6,020\\n \\n$\\n5,723\\n \\nForeign\\n1,538\\n \\n631\\n \\n938\\n \\nTOTAL INCOME BEFORE INCOME TAXES\\n$\\n6,201\\n \\n$\\n6,651\\n \\n$\\n6,661\\n \\nThe provision for income taxes is as follows:\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nCurrent:\\nUnited States\\nFederal\\n$\\n430\\n \\n$\\n231\\n \\n$\\n328\\n \\nState\\n184\\n \\n98\\n \\n134\\n \\nForeign\\n634\\n \\n926\\n \\n857\\n \\nTotal Current\\n1,248\\n \\n1,255\\n \\n1,319\\n \\nDeferred:\\nUnited States\\nFederal\\n(\\n162\\n)\\n(\\n522\\n)\\n(\\n371\\n)\\nState\\n(\\n25\\n)\\n(\\n16\\n)\\n(\\n34\\n)\\nForeign\\n70\\n \\n(\\n112\\n)\\n20\\n \\nTotal Deferred\\n(\\n117\\n)\\n(\\n650\\n)\\n(\\n385\\n)\\nTOTAL INCOME TAX EXPENSE\\n$\\n1,131\\n \\n$\\n605\\n \\n$\\n934\\n \\nA reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:\\n \\nYEAR ENDED MAY 31,\\n2023\\n2022\\n2021\\nFederal income tax rate\\n21.0\\n \\n%\\n21.0\\n \\n%\\n21.0\\n \\n%\\nState taxes, net of federal benefit\\n1.5\\n \\n%\\n1.4\\n \\n%\\n1.3\\n \\n%'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 76, 'page_label': '77', 'start_index': 841}, page_content='YEAR ENDED MAY 31,\\n2023\\n2022\\n2021\\nFederal income tax rate\\n21.0\\n \\n%\\n21.0\\n \\n%\\n21.0\\n \\n%\\nState taxes, net of federal benefit\\n1.5\\n \\n%\\n1.4\\n \\n%\\n1.3\\n \\n%\\nForeign earnings\\n1.7\\n \\n%\\n-\\n1.8\\n \\n%\\n0.2\\n \\n%\\nSubpart F deferred tax benefit\\n0.0\\n \\n%\\n-\\n4.7\\n \\n%\\n0.0\\n \\n%\\nForeign-derived intangible income benefit\\n-\\n6.1\\n \\n%\\n-\\n4.1\\n \\n%\\n-\\n3.7\\n \\n%\\nExcess tax benefits from stock-based compensation\\n-\\n1.1\\n \\n%\\n-\\n4.9\\n \\n%\\n-\\n4.5\\n \\n%\\nIncome tax audits and contingency reserves\\n1.0\\n \\n%\\n1.5\\n \\n%\\n1.5\\n \\n%\\nU.S. research and development tax credit\\n-\\n1.2\\n \\n%\\n-\\n1.0\\n \\n%\\n-\\n0.9\\n \\n%\\nOther, net\\n1.4\\n \\n%\\n1.7\\n \\n%\\n-\\n0.9\\n \\n%\\nEFFECTIVE INCOME TAX RATE\\n18.2\\n \\n%\\n9.1\\n \\n%\\n14.0\\n \\n%\\nOn December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the \"Tax Act\"), which significantly changed U.S. tax law and included a provision to tax global intangible low-\\ntaxed income (\"GILTI\") of foreign subsidiaries. The Company recognizes taxes due under the GILTI provision as a current period expense.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 76, 'page_label': '77', 'start_index': 1643}, page_content='taxed income (\"GILTI\") of foreign subsidiaries. The Company recognizes taxes due under the GILTI provision as a current period expense.\\nThe effective tax rate for the fiscal year ended May 31, 2023 was higher than the effective tax rate for the fiscal year ended May 31, 2022. The increase was primarily due to\\ndecreased benefits from stock-based compensation and the prior year recognition of a non-cash, one-time benefit related to the onshoring of the Company\\'s non-U.S. intangible\\nproperty. During the fourth quarter of fiscal 2022, the Company onshored certain non-U.S. intangible property ownership rights and implemented changes in the Company\\'s legal entity\\nstructure. The tax restructuring increases the possibility that foreign earnings in future periods will be subject to tax in the U.S. due to Subpart F of the Internal Revenue Code. The\\nCompany recognized a deferred tax asset and corresponding non-cash deferred income tax benefit of \\n4.7'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 76, 'page_label': '77', 'start_index': 2494}, page_content='Company recognized a deferred tax asset and corresponding non-cash deferred income tax benefit of \\n4.7\\n%, to establish the deferred tax deduction that is expected to reduce taxable\\nincome in future periods.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 77, 'page_label': '78', 'start_index': 0}, page_content=\"The effective tax rate for the fiscal year ended May 31, 2022 was lower than the effective tax rate for the fiscal year ended May 31, 2021. The decrease was primarily due to a shift in\\nthe Company's earnings mix and recognition of a non-cash, one-time benefit related to the onshoring of the Company's non-U.S. intangible property.\\nDeferred tax assets and liabilities comprise the following as of: \\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nDeferred tax assets:\\nInventories\\n$\\n79\\n \\n$\\n136\\n \\nSales return reserves\\n89\\n \\n109\\n \\nDeferred compensation\\n321\\n \\n313\\n \\nStock-based compensation\\n261\\n \\n195\\n \\nReserves and accrued liabilities\\n144\\n \\n145\\n \\nOperating lease liabilities\\n511\\n \\n508\\n \\nIntangibles\\n255\\n \\n275\\n \\nCapitalized research and development expenditures\\n548\\n \\n353\\n \\nNet operating loss carry-forwards\\n15\\n \\n8\\n \\nSubpart F deferred tax\\n374\\n \\n313\\n \\nForeign tax credit carry-forward\\n—\\n \\n103\\n \\nOther\\n183\\n \\n148\\n \\nTotal deferred tax assets\\n2,780\\n \\n2,606\\n \\nValuation allowance\\n(\\n22\\n)\\n(\\n19\\n)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 77, 'page_label': '78', 'start_index': 796}, page_content='15\\n \\n8\\n \\nSubpart F deferred tax\\n374\\n \\n313\\n \\nForeign tax credit carry-forward\\n—\\n \\n103\\n \\nOther\\n183\\n \\n148\\n \\nTotal deferred tax assets\\n2,780\\n \\n2,606\\n \\nValuation allowance\\n(\\n22\\n)\\n(\\n19\\n)\\nTotal deferred tax assets after valuation allowance\\n2,758\\n \\n2,587\\n \\nDeferred tax liabilities:\\nForeign withholding tax on undistributed earnings of foreign subsidiaries\\n(\\n186\\n)\\n(\\n146\\n)\\nProperty, plant and equipment\\n(\\n276\\n)\\n(\\n247\\n)\\nRight-of-use assets\\n(\\n441\\n)\\n(\\n437\\n)\\nOther\\n(\\n56\\n)\\n(\\n92\\n)\\nTotal deferred tax liabilities\\n(\\n959\\n)\\n(\\n922\\n)\\nNET DEFERRED TAX ASSET \\n$\\n1,799\\n \\n$\\n1,665\\n \\n(1)\\nThe above amounts exclude deferred taxes held-for-sale as of May 31, 2022. See Note 18 — Acquisitions and Divestitures for additional information.\\n(2)\\nOf the total $\\n1,799\\n million net deferred tax asset for the period ended May 31, 2023, $\\n2,026\\n million was included within Deferred income taxes and other assets and $(\\n227\\n) million was included within Deferred income'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 77, 'page_label': '78', 'start_index': 1531}, page_content='million net deferred tax asset for the period ended May 31, 2023, $\\n2,026\\n million was included within Deferred income taxes and other assets and $(\\n227\\n) million was included within Deferred income\\ntaxes and other liabilities on the Consolidated Balance Sheets. Of the total $\\n1,665\\n million net deferred tax asset for the period ended May 31, 2022, $\\n1,891\\n million was included within Deferred income taxes and other\\nassets and $(\\n226\\n) million was included within Deferred income taxes and other liabilities on the Consolidated Balance Sheets.\\nThe following is a reconciliation of the changes in the gross balance of unrecognized tax benefits as of:\\n \\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nUnrecognized tax benefits, beginning of the period\\n$\\n848\\n \\n$\\n896\\n \\n$\\n771\\n \\nGross increases related to prior period tax positions\\n95\\n \\n71\\n \\n77\\n \\nGross decreases related to prior period tax positions\\n(\\n17\\n)\\n(\\n145\\n)\\n(\\n22\\n)\\nGross increases related to current period tax positions\\n50\\n \\n62\\n \\n59'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 77, 'page_label': '78', 'start_index': 2361}, page_content=\"95\\n \\n71\\n \\n77\\n \\nGross decreases related to prior period tax positions\\n(\\n17\\n)\\n(\\n145\\n)\\n(\\n22\\n)\\nGross increases related to current period tax positions\\n50\\n \\n62\\n \\n59\\n \\nSettlements\\n(\\n18\\n)\\n(\\n17\\n)\\n(\\n5\\n)\\nLapse of statute of limitations\\n(\\n7\\n)\\n(\\n10\\n)\\n(\\n6\\n)\\nChanges due to currency translation\\n(\\n15\\n)\\n(\\n9\\n)\\n22\\n \\nUNRECOGNIZED TAX BENEFITS, END OF THE PERIOD\\n$\\n936\\n \\n$\\n848\\n \\n$\\n896\\n \\nAs of May 31, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $\\n936\\n million, of which $\\n651\\n million would affect the Company's effective tax\\nrate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on\\nthe Consolidated Balance Sheets.\\n(1)\\n(1)\\n(1)\\n(1)\\n(1)\\n(1)\\n(1)\\n(2)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 0}, page_content='The Company recognizes interest and penalties related to income tax matters in Income tax expense. The liability for payment of interest and penalties increased by $\\n20\\n million during\\nthe fiscal year ended May 31, 2023, increased by $\\n45\\n million during the fiscal year ended May 31, 2022, and increased by $\\n45\\n million during the fiscal year ended May 31, 2021. As of\\nMay 31, 2023 and 2022, accrued interest and penalties related to uncertain tax positions were $\\n268\\n million and $\\n248\\n million, respectively (excluding federal benefit) and were included\\nwithin Deferred income taxes and other liabilities on the Consolidated Balance Sheets.\\nAs of May 31, 2023 and 2022, long-term income taxes payable were $\\n373\\n million and $\\n535\\n million, respectively, and were included within Deferred income taxes and other liabilities on\\nthe Consolidated Balance Sheets.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 713}, page_content='373\\n million and $\\n535\\n million, respectively, and were included within Deferred income taxes and other liabilities on\\nthe Consolidated Balance Sheets.\\nThe Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. IRS for fiscal years 2017 through\\n2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments. Tax years after 2011 remain open in\\ncertain major foreign jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with\\nthe expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $\\n50\\n million within the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 1416}, page_content=\"the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $\\n50\\n million within the\\nnext 12 months. In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain\\ntax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts\\nwith respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.\\nA portion of the Company's foreign operations benefit from a tax holiday, which is set to expire in 2031. This tax holiday may be extended when certain conditions are met or may be\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 2085}, page_content=\"A portion of the Company's foreign operations benefit from a tax holiday, which is set to expire in 2031. This tax holiday may be extended when certain conditions are met or may be\\nterminated early if certain conditions are not met. The tax benefit attributable to this tax holiday, before taking into consideration other U.S. indirect tax provisions, was $\\n263\\n million,\\n$\\n221\\n million and $\\n238\\n million for the fiscal years ended May 31, 2023, 2022 and 2021, respectively. The benefit of the tax holiday on diluted earnings per common share was $\\n0.17\\n,\\n$\\n0.14\\n and $\\n0.15\\n for the fiscal years ended May 31, 2023, 2022 and 2021, respectively.\\nDeferred tax assets as of May 31, 2023 and 2022, were reduced by a valuation allowance. For the fiscal year ended May 31, 2023, a valuation allowance was provided for U.S. capital\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 2732}, page_content='Deferred tax assets as of May 31, 2023 and 2022, were reduced by a valuation allowance. For the fiscal year ended May 31, 2023, a valuation allowance was provided for U.S. capital\\nloss carryforwards and on tax benefits generated by certain entities with operating losses. For the fiscal year ended May 31, 2022, a valuation allowance was provided for U.S. capital\\nloss carryforwards and on tax benefits generated by certain entities with operating losses. There was a $\\n3\\n million net increase in the valuation allowance for the fiscal year ended\\nMay 31, 2023, compared to a $\\n7\\n million net increase for the fiscal year ended May 31, 2022, and $\\n14\\n million net decrease for the fiscal year ended May 31, 2021.\\nThe Company has available domestic and foreign loss carry-forwards of $\\n61\\n million as of May 31, 2023. If not utilized, $\\n33\\n million of losses will expire in the periods between fiscal\\n2028 and 2043.\\nNOTE 8 — REDEEMABLE PREFERRED STOCK'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 3516}, page_content=\"61\\n million as of May 31, 2023. If not utilized, $\\n33\\n million of losses will expire in the periods between fiscal\\n2028 and 2043.\\nNOTE 8 — REDEEMABLE PREFERRED STOCK\\nSojitz America is the sole owner of the Company's authorized redeemable preferred stock, $\\n1\\n par value, which is redeemable at the option of Sojitz America or the Company at par\\nvalue aggregating $\\n0.3\\n million. A cumulative dividend of $\\n0.10\\n per share is payable annually on May 31, and no dividends may be declared or paid on the common stock of the\\nCompany unless dividends on the redeemable preferred stock have been declared and paid in full. There have been no changes in the redeemable preferred stock in the fiscal years\\nended May 31, 2023, 2022 and 2021. As the holder of the redeemable preferred stock, Sojitz America does not have general voting rights but does have the right to vote as a\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 4214}, page_content=\"ended May 31, 2023, 2022 and 2021. As the holder of the redeemable preferred stock, Sojitz America does not have general voting rights but does have the right to vote as a\\nseparate class on the sale of all or substantially all of the assets of the Company and its subsidiaries; on merger, consolidation, liquidation or dissolution of the Company; or on the sale\\nor assignment of the NIKE trademark for athletic footwear sold in the United States. The redeemable preferred stock has been fully issued to Sojitz America and is not blank check\\npreferred stock. The Company's articles of incorporation do not permit the issuance of additional preferred stock.\\nNOTE 9 — COMMON STOCK AND STOCK-BASED COMPENSATION\\nCOMMON STOCK\\nThe authorized number of shares of Class A Common Stock, \\nno\\n par value, and Class B Common Stock, \\nno\\n par value, are \\n400\\n million and \\n2,400\\n million, respectively. Each share of\\nClass A Common Stock is convertible into \\none\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 78, 'page_label': '79', 'start_index': 4992}, page_content=\"no\\n par value, and Class B Common Stock, \\nno\\n par value, are \\n400\\n million and \\n2,400\\n million, respectively. Each share of\\nClass A Common Stock is convertible into \\none\\n share of Class B Common Stock. Voting rights of Class B Common Stock are limited in certain circumstances with respect to the\\nelection of directors. There are no differences in the dividend and liquidation preferences or participation rights of the holders of Class A and Class B Common Stock.\\n From time to\\ntime, the Company's Board of Directors authorizes share repurchase programs for the repurchase of Class B Common Stock. The value of repurchased shares is deducted from Total\\nshareholders' equity through allocation to Capital in excess of stated value and Retained earnings.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 79, 'page_label': '80', 'start_index': 0}, page_content='STOCK-BASED COMPENSATION\\nThe NIKE, Inc. Stock Incentive Plan (the \"Stock Incentive Plan\") provides for the issuance of up to \\n798\\n million previously unissued shares of Class B Common Stock in connection with\\nequity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights,\\nand stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units (\"RSUs\") as well as performance-based\\nrestricted stock units (\"PSUs\"). A committee of the Board of Directors administers the Stock Incentive Plan and has the authority to determine the employees to whom awards will be\\nmade, the amount of the awards and the other terms and conditions of the awards. The Company generally grants stock options, restricted stock and restricted stock units on an'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 79, 'page_label': '80', 'start_index': 756}, page_content=\"made, the amount of the awards and the other terms and conditions of the awards. The Company generally grants stock options, restricted stock and restricted stock units on an\\nannual basis. The exercise price for stock options and stock appreciation rights may not be less than the fair market value of the underlying shares on the date of grant. Substantially\\nall awards under the Stock Incentive Plan vest ratably over \\n4\\n years of continued employment, with stock options expiring \\n10\\n years from the date of grant.\\nThe following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: \\n \\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nStock options\\n$\\n311\\n \\n$\\n297\\n \\n$\\n323\\n \\nESPPs\\n72\\n \\n60\\n \\n63\\n \\nRestricted stock and restricted stock units\\n372\\n \\n281\\n \\n225\\n \\nTOTAL STOCK-BASED COMPENSATION EXPENSE\\n$\\n755\\n \\n$\\n638\\n \\n$\\n611\\n \\n(1)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 79, 'page_label': '80', 'start_index': 1481}, page_content=\"2022\\n2021\\nStock options\\n$\\n311\\n \\n$\\n297\\n \\n$\\n323\\n \\nESPPs\\n72\\n \\n60\\n \\n63\\n \\nRestricted stock and restricted stock units\\n372\\n \\n281\\n \\n225\\n \\nTOTAL STOCK-BASED COMPENSATION EXPENSE\\n$\\n755\\n \\n$\\n638\\n \\n$\\n611\\n \\n(1)\\nExpense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements and\\nwas $\\n64\\n million, $\\n57\\n million and $\\n67\\n million for the fiscal years ended May 31, 2023, 2022 and 2021, respectively. During fiscal 2021, an immaterial amount of accelerated stock option and restricted stock unit\\nexpense was also recorded for certain employees impacted by the Company's organizational realignment. For more information, see Note 19 — Restructuring.\\n(2)\\nFor the fiscal years ended May 31, 2023 and 2022, expense for restricted stock units includes an immaterial amount of expense for PSUs.\\nThe income tax benefit related to stock-based compensation expense was $\\n71\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 79, 'page_label': '80', 'start_index': 2403}, page_content=\"The income tax benefit related to stock-based compensation expense was $\\n71\\n million, $\\n327\\n million and $\\n297\\n million for the fiscal years ended May 31, 2023, 2022 and 2021,\\nrespectively, and reported within Income tax expense.\\nSTOCK OPTIONS\\nThe weighted average fair value per share of stock options granted during the years ended May 31, 2023, 2022 and 2021, computed as of the grant date using the Black-Scholes\\npricing model, was $\\n31.31\\n, $\\n37.53\\n and $\\n26.75\\n, respectively. \\nThe weighted average assumptions used to estimate these fair values were as follows:\\n \\nYEAR ENDED MAY 31,\\n2023\\n2022\\n2021\\nDividend yield\\n0.9\\n \\n%\\n0.8\\n \\n%\\n0.9\\n \\n%\\nExpected volatility\\n27.1\\n \\n%\\n24.9\\n \\n%\\n27.3\\n \\n%\\nWeighted average expected life (in years)\\n5.8\\n5.8\\n6.0\\nRisk-free interest rate\\n3.3\\n \\n%\\n0.9\\n \\n%\\n0.4\\n \\n%\\nExpected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in market traded options on the Company's common\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 79, 'page_label': '80', 'start_index': 3178}, page_content=\"%\\n0.9\\n \\n%\\n0.4\\n \\n%\\nExpected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in market traded options on the Company's common\\nstock with a term greater than \\none year\\n, as well as other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise\\npatterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.\\n(1)\\n(1)(2)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 80, 'page_label': '81', 'start_index': 0}, page_content='The following summarizes the stock option transactions under the plan discussed above: \\nSHARES\\nWEIGHTED AVERAGE\\nOPTION PRICE\\n(In millions)\\nOptions outstanding as of May 31, 2022\\n68.0\\n \\n$\\n88.66\\n \\nExercised\\n(\\n7.5\\n)\\n57.11\\n \\nForfeited\\n(\\n1.5\\n)\\n122.93\\n \\nGranted\\n12.0\\n \\n107.44\\n \\nOptions outstanding as of May 31, 2023\\n71.0\\n \\n$\\n94.40\\n \\n(1)\\nIncludes stock appreciation rights transactions.\\nOptions exercisable as of May 31, 2023 were \\n44.7\\n million and had a weighted average option price of $\\n79.95\\n per share. The aggregate intrinsic value for options outstanding and\\nexercisable as of May 31, 2023 was $\\n1,380\\n million and $\\n1,307\\n million, respectively. The total intrinsic value of the options exercised during the years ended May 31, 2023, 2022 and\\n2021 was $\\n438\\n million, $\\n1,742\\n million and $\\n1,571\\n million, respectively. The intrinsic value is the amount by which the market value of the underlying stock exceeds the exercise price of'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 80, 'page_label': '81', 'start_index': 746}, page_content='2021 was $\\n438\\n million, $\\n1,742\\n million and $\\n1,571\\n million, respectively. The intrinsic value is the amount by which the market value of the underlying stock exceeds the exercise price of\\nthe options. The weighted average contractual life remaining for options outstanding and options exercisable as of May 31, 2023 was \\n5.9\\n years and \\n4.5\\n years, respectively. As of\\nMay 31, 2023, the Company had $\\n425\\n million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating\\noverhead expense, as applicable, over a weighted average remaining period of \\n2.5\\n years.\\nEMPLOYEE STOCK PURCHASE PLANS\\nIn addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under ESPPs. Subject to the annual statutory\\nlimit, employees are eligible to participate through payroll deductions of up to \\n10\\n% of their compensation. At the end of each \\nsix-month'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 80, 'page_label': '81', 'start_index': 1595}, page_content='limit, employees are eligible to participate through payroll deductions of up to \\n10\\n% of their compensation. At the end of each \\nsix-month\\n offering period, shares are purchased by the\\nparticipants at \\n85\\n% of the lower of the fair market value at the beginning or the end of the offering period. Employees purchased \\n3.0\\n million, \\n2.0\\n million and \\n2.5\\n million shares during\\neach of the fiscal years ended May 31, 2023, 2022 and 2021, respectively.\\nRESTRICTED STOCK AND RESTRICTED STOCK UNITS\\nRecipients of restricted stock are entitled to cash dividends and to vote their respective shares throughout the period of restriction. Recipients of restricted stock units, which includes\\nRSUs and PSUs, are entitled to dividend equivalent cash payments upon vesting. The number of shares of restricted stock and restricted stock units vested includes shares of\\ncommon stock withheld by the Company on behalf of employees to satisfy the minimum statutory tax withholding requirements.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 80, 'page_label': '81', 'start_index': 2454}, page_content='common stock withheld by the Company on behalf of employees to satisfy the minimum statutory tax withholding requirements.\\nThe following summarizes the restricted stock and restricted stock units transactions under the plan discussed above: \\nSHARES\\nWEIGHTED AVERAGE\\nGRANT DATE \\nFAIR VALUE\\n(In millions)\\nNonvested as of May 31, 2022\\n6.7\\n \\n$\\n130.88\\nVested\\n(\\n2.2\\n)\\n114.85\\nForfeited\\n(\\n0.7\\n)\\n131.10\\nGranted\\n4.5\\n \\n115.56\\nNonvested as of May 31, 2023\\n8.3\\n \\n$\\n126.97\\n(1) Includes an immaterial amount of PSU transactions\\nThe weighted average fair value per share of restricted stock and restricted stock units granted for the fiscal years ended May 31, 2023, 2022 and 2021, computed as of the grant date,\\nwas $\\n115.56\\n, $\\n168.04\\n and $\\n113.84\\n, respectively. During the fiscal years ended May 31, 2023, 2022 and 2021, the aggregate fair value of vested restricted stock and restricted stock\\nunits was $\\n250\\n million, $\\n354\\n million and $\\n310\\n million, respectively, computed as of the date of vesting.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 80, 'page_label': '81', 'start_index': 3337}, page_content='units was $\\n250\\n million, $\\n354\\n million and $\\n310\\n million, respectively, computed as of the date of vesting.\\nAs of May 31, 2023, the Company had $\\n649\\n million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized\\nin Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of \\n2.3\\n years.\\n(1)\\n(1)\\n2023 FORM 10-K \\n76'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 81, 'page_label': '82', 'start_index': 0}, page_content='NOTE 10 — EARNINGS PER SHARE\\nThe following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded\\nrestricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional \\n31.7\\n million, \\n9.4\\n million and \\n11.3\\n million shares of common stock\\noutstanding for the fiscal years ended May 31, 2023, 2022 and 2021, respectively, because the awards were assumed to be anti-dilutive.\\n \\nYEAR ENDED MAY 31,\\n(In millions, except per share data)\\n2023\\n2022\\n2021\\nNet income available to common stockholders\\n$\\n5,070\\n \\n$\\n6,046\\n \\n$\\n5,727\\n \\nDetermination of shares:\\nWeighted average common shares outstanding\\n1,551.6\\n \\n1,578.8\\n \\n1,573.0\\n \\nAssumed conversion of dilutive stock options and awards\\n18.2\\n \\n32.0\\n \\n36.4\\n \\nDILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING\\n1,569.8\\n \\n1,610.8\\n \\n1,609.4\\n \\nEarnings per common share:\\nBasic\\n$\\n3.27\\n \\n$\\n3.83\\n \\n$\\n3.64\\n \\nDiluted\\n$'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 81, 'page_label': '82', 'start_index': 829}, page_content='18.2\\n \\n32.0\\n \\n36.4\\n \\nDILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING\\n1,569.8\\n \\n1,610.8\\n \\n1,609.4\\n \\nEarnings per common share:\\nBasic\\n$\\n3.27\\n \\n$\\n3.83\\n \\n$\\n3.64\\n \\nDiluted\\n$\\n3.23\\n \\n$\\n3.75\\n \\n$\\n3.56\\n \\nNOTE 11 — BENEFIT PLANS\\nThe Company has a qualified 401(k) Savings and Profit Sharing Plan, in which all U.S. employees are able to participate. The Company matches a portion of employee contributions\\nto the savings plan. Company contributions to the savings plan were $\\n136\\n million, $\\n126\\n million and $\\n110\\n million and included in Cost of sales or Operating overhead expense, as\\napplicable, for the fiscal years ended May 31, 2023, 2022 and 2021, respectively.\\nThe Company also has a Long-Term Incentive Plan (\"LTIP\") adopted by the Board of Directors and approved by shareholders in September 1997, which has been amended from time'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 81, 'page_label': '82', 'start_index': 1491}, page_content='The Company also has a Long-Term Incentive Plan (\"LTIP\") adopted by the Board of Directors and approved by shareholders in September 1997, which has been amended from time\\nto time. The Company recognized an immaterial amount of Operating overhead expense related to cash awards under the LTIP during the years ended May 31, 2023, 2022 and 2021.\\nDuring the fiscal years ended May 31, 2023 and 2022, under the Stock Incentive Plan, the Company granted PSUs which replaced cash-based long-term incentive awards historically\\ngranted under the Company\\'s LTIP. Refer to Note 9 — Common Stock and Stock-Based Compensation for further information related to PSUs.\\nThe Company allows certain highly compensated employees and non-employee directors of the Company to defer compensation under a nonqualified deferred compensation plan. A\\nrabbi trust was established to fund the Company\\'s nonqualified deferred compensation plan obligation. The assets in the rabbi trust of approximately $\\n875\\n million and $'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 81, 'page_label': '82', 'start_index': 2318}, page_content=\"rabbi trust was established to fund the Company's nonqualified deferred compensation plan obligation. The assets in the rabbi trust of approximately $\\n875\\n million and $\\n876\\n million as of\\nMay 31, 2023 and 2022, respectively, primarily consist of company owned life insurance policies recorded at their cash surrender value and are classified in Deferred income taxes and\\nother assets on the Consolidated Balance Sheets. Deferred compensation plan liabilities were $\\n897\\n million and $\\n890\\n million as of May 31, 2023 and 2022, respectively, and primarily\\nclassified in Deferred income taxes and other liabilities on the Consolidated Balance Sheets.\\nThe Company has pension plans in various countries worldwide. The pension plans are only available to local employees and are generally government mandated. The liability related\\nto the unfunded pension liabilities of the plans was $\\n29\\n million and $\\n30\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 81, 'page_label': '82', 'start_index': 3147}, page_content='to the unfunded pension liabilities of the plans was $\\n29\\n million and $\\n30\\n million as of May 31, 2023 and 2022, respectively, and primarily classified as non-current in Deferred income\\ntaxes and other liabilities on the Consolidated Balance Sheets.\\nNOTE 12 — RISK MANAGEMENT AND DERIVATIVES\\nThe Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial\\nexposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.\\nThe Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging\\ninstruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 81, 'page_label': '82', 'start_index': 3925}, page_content='instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as\\nhedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 82, 'page_label': '83', 'start_index': 0}, page_content=\"The majority of derivatives outstanding as of May 31, 2023, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese\\nYuan/U.S. Dollar and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Consolidated Balance Sheets at fair value and classified based on the\\ninstrument's maturity date.\\nThe following tables present the fair values of derivative instruments included within the Consolidated Balance Sheets:\\n \\nDERIVATIVE ASSETS\\nBALANCE SHEET LOCATION\\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nDerivatives formally designated as hedging instruments:\\nForeign exchange forwards and options\\nPrepaid expenses and other current assets\\n$\\n480\\n \\n$\\n639\\n \\nForeign exchange forwards and options\\nDeferred income taxes and other assets\\n64\\n \\n206\\n \\nTotal derivatives formally designated as hedging instruments\\n544\\n \\n845\\n \\nDerivatives not designated as hedging instruments:\\nForeign exchange forwards and options and embedded derivatives\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 82, 'page_label': '83', 'start_index': 803}, page_content='64\\n \\n206\\n \\nTotal derivatives formally designated as hedging instruments\\n544\\n \\n845\\n \\nDerivatives not designated as hedging instruments:\\nForeign exchange forwards and options and embedded derivatives\\nPrepaid expenses and other current assets\\n13\\n \\n35\\n \\nTotal derivatives not designated as hedging instruments\\n13\\n \\n35\\n \\nTOTAL DERIVATIVE ASSETS\\n$\\n557\\n \\n$\\n880\\n \\n \\nDERIVATIVE LIABILITIES\\nBALANCE SHEET LOCATION\\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nDerivatives formally designated as hedging instruments:\\nForeign exchange forwards and options\\nAccrued liabilities\\n$\\n93\\n \\n$\\n37\\n \\nForeign exchange forwards and options\\nDeferred income taxes and other liabilities\\n52\\n \\n11\\n \\nTotal derivatives formally designated as hedging instruments\\n145\\n \\n48\\n \\nDerivatives not designated as hedging instruments:\\nForeign exchange forwards and options and embedded derivatives\\nAccrued liabilities\\n35\\n \\n29\\n \\nTotal derivatives not designated as hedging instruments\\n35\\n \\n29\\n \\nTOTAL DERIVATIVE LIABILITIES\\n$\\n180\\n \\n$\\n77'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 82, 'page_label': '83', 'start_index': 1653}, page_content='Accrued liabilities\\n35\\n \\n29\\n \\nTotal derivatives not designated as hedging instruments\\n35\\n \\n29\\n \\nTOTAL DERIVATIVE LIABILITIES\\n$\\n180\\n \\n$\\n77\\n \\nThe following table presents the amounts in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity\\non these line items for the fiscal years ended May 31, 2023, 2022 and 2021:\\nYEAR ENDED MAY 31,\\n2023\\n2022\\n2021\\n(Dollars in millions)\\nTOTAL\\nAMOUNT OF \\nGAIN (LOSS) \\nON CASH FLOW \\nHEDGE ACTIVITY\\nTOTAL\\nAMOUNT OF \\nGAIN (LOSS) \\nON CASH FLOW \\nHEDGE ACTIVITY\\nTOTAL\\nAMOUNT OF \\nGAIN (LOSS) \\nON CASH FLOW \\nHEDGE ACTIVITY\\nRevenues\\n$\\n51,217\\n \\n$\\n26\\n \\n$\\n46,710\\n \\n$\\n(\\n82\\n)\\n$\\n44,538\\n \\n$\\n45\\n \\nCost of sales\\n28,925\\n \\n581\\n \\n25,231\\n \\n(\\n23\\n)\\n24,576\\n \\n51\\n \\nDemand creation expense\\n4,060\\n \\n(\\n5\\n)\\n3,850\\n \\n1\\n \\n3,114\\n \\n3\\n \\nOther (income) expense, net\\n(\\n280\\n)\\n338\\n \\n(\\n181\\n)\\n130\\n \\n14\\n \\n(\\n47\\n)\\nInterest expense (income), net\\n(\\n6\\n)\\n(\\n8\\n)\\n205\\n \\n(\\n7\\n)\\n262\\n \\n(\\n7\\n)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 83, 'page_label': '84', 'start_index': 0}, page_content='The following tables present the amounts affecting the Consolidated Statements of Income for the years ended May 31, 2023, 2022 and 2021:\\n(Dollars in millions)\\nAMOUNT OF GAIN (LOSS) \\nRECOGNIZED IN OTHER \\nCOMPREHENSIVE INCOME\\n(LOSS) ON DERIVATIVES\\nAMOUNT OF GAIN (LOSS) \\nRECLASSIFIED FROM ACCUMULATED \\nOTHER COMPREHENSIVE \\nINCOME (LOSS) INTO INCOME\\nYEAR ENDED MAY 31,\\nLOCATION OF GAIN (LOSS) \\nRECLASSIFIED FROM ACCUMULATED \\nOTHER COMPREHENSIVE INCOME \\n(LOSS) INTO INCOME\\nYEAR ENDED MAY 31,\\n2023\\n2022\\n2021\\n2023\\n2022\\n2021\\nDerivatives designated as \\ncash flow hedges:\\nForeign exchange forwards \\nand options\\n$\\n16\\n \\n$\\n(\\n39\\n)\\n$\\n(\\n61\\n)\\nRevenues\\n$\\n26\\n \\n$\\n(\\n82\\n)\\n$\\n45\\n \\nForeign exchange forwards \\nand options\\n305\\n \\n889\\n \\n(\\n563\\n)\\nCost of sales\\n581\\n \\n(\\n23\\n)\\n51\\n \\nForeign exchange forwards \\nand options\\n(\\n1\\n)\\n(\\n6\\n)\\n5\\n \\nDemand creation expense\\n(\\n5\\n)\\n1\\n \\n3\\n \\nForeign exchange forwards \\nand options\\n207\\n \\n492\\n \\n(\\n163\\n)\\nOther (income) expense, net\\n338\\n \\n130\\n \\n(\\n47\\n)\\nInterest rate swaps\\n—\\n \\n—\\n \\n—'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 83, 'page_label': '84', 'start_index': 790}, page_content='(\\n1\\n)\\n(\\n6\\n)\\n5\\n \\nDemand creation expense\\n(\\n5\\n)\\n1\\n \\n3\\n \\nForeign exchange forwards \\nand options\\n207\\n \\n492\\n \\n(\\n163\\n)\\nOther (income) expense, net\\n338\\n \\n130\\n \\n(\\n47\\n)\\nInterest rate swaps\\n—\\n \\n—\\n \\n—\\n \\nInterest expense (income), net\\n(\\n8\\n)\\n(\\n7\\n)\\n(\\n7\\n)\\nTotal designated cash \\nflow hedges\\n$\\n527\\n \\n$\\n1,336\\n \\n$\\n(\\n782\\n)\\n$\\n932\\n \\n$\\n19\\n \\n$\\n45\\n \\n(1)\\nFor the fiscal years ended \\nMay 31, 2023, 2022, and 2021, \\nthe amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no\\nlonger probable of occurring were immaterial.\\n(2)\\nGains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through\\nInterest expense (income), net over the term of the issued debt.\\nAMOUNT OF GAIN (LOSS) RECOGNIZED\\n \\nIN INCOME ON DERIVATIVES\\nLOCATION OF GAIN (LOSS) \\nRECOGNIZED IN INCOME \\nON DERIVATIVES'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 83, 'page_label': '84', 'start_index': 1585}, page_content='Interest expense (income), net over the term of the issued debt.\\nAMOUNT OF GAIN (LOSS) RECOGNIZED\\n \\nIN INCOME ON DERIVATIVES\\nLOCATION OF GAIN (LOSS) \\nRECOGNIZED IN INCOME \\nON DERIVATIVES\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nDerivatives designated as hedging instruments:\\nForeign exchange forwards and options and embedded derivatives\\n$\\n28\\n \\n$\\n38\\n \\n$\\n(\\n167\\n)\\nOther (income) expense, net\\nCASH FLOW HEDGES\\nAll changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the\\nvariability of cash flows of the hedged transaction. Effective hedge results are classified in the Consolidated Statements of Income in the same manner as the underlying exposure.\\nWhen it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 83, 'page_label': '84', 'start_index': 2368}, page_content='When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the\\nassociated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge\\ninstruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not\\noccur by the end of the initially identified time period or within an additional \\ntwo-month\\n period thereafter. In rare circumstances, the additional period of time may exceed two months\\ndue to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 83, 'page_label': '84', 'start_index': 3093}, page_content=\"due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.\\nThe purpose of the Company's foreign exchange risk management program is to lessen both the positive and negative effects of currency fluctuations on the Company's consolidated\\nresults of operations, financial position and cash flows. Foreign currency exposures the Company may elect to hedge in this manner include product costs, non-functional currency\\ndenominated revenues, intercompany revenues, demand creation expenses, investments in U.S. Dollar denominated available-for-sale debt securities and certain other intercompany\\ntransactions.\\nProduct cost foreign currency exposures are primarily generated through non-functional currency denominated product purchases. NIKE entities primarily purchase product in two\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 83, 'page_label': '84', 'start_index': 3767}, page_content='transactions.\\nProduct cost foreign currency exposures are primarily generated through non-functional currency denominated product purchases. NIKE entities primarily purchase product in two\\nways: (1) Certain NIKE entities purchase product from the NIKE Trading Company (\"NTC\"), a wholly-owned sourcing hub that buys NIKE branded products from third-party factories,\\npredominantly in U.S. Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the product to NIKE entities in their respective functional currencies. NTC sales to a\\nNIKE entity with a different functional currency result in a foreign currency\\n(1)\\n(1)\\n(2)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 84, 'page_label': '85', 'start_index': 0}, page_content=\"exposure for the NTC. (2) Other NIKE entities purchase product directly from third-party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those\\nNIKE entities with a functional currency other than the U.S. Dollar.\\nThe Company's policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or other strategies cannot be effectively employed. Typically,\\nthe Company may enter into hedge contracts starting up to \\n12\\n to \\n24\\n months in advance of the forecasted transaction and may place incremental hedges up to \\n100\\n% of the exposure\\nby the time the forecasted transaction occurs.\\n The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $\\n18.2\\n billion as of May 31,\\n2023.\\nAs of May 31, 2023, approximately $\\n419\\n million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) are\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 84, 'page_label': '85', 'start_index': 799}, page_content='2023.\\nAs of May 31, 2023, approximately $\\n419\\n million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) are\\nexpected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately\\nreclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of May 31, 2023, the maximum term over which\\nthe Company hedges exposures to the variability of cash flows for its forecasted transactions was \\n27\\n months.\\nFAIR VALUE HEDGES\\nThe Company has, in the past, been exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. Derivatives used by the\\nCompany to hedge this risk are receive-fixed, pay-variable interest rate swaps.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 84, 'page_label': '85', 'start_index': 1650}, page_content='Company to hedge this risk are receive-fixed, pay-variable interest rate swaps. \\nThe Company had no interest rate swaps designated as fair value hedges as of May 31, 2023.\\nNET INVESTMENT HEDGES\\nThe Company has, in the past, hedged and may, in the future, hedge the risk of variability in foreign currency-denominated net investments in wholly-owned international operations.\\nAll changes in fair value of the derivatives designated as net investment hedges are reported in Accumulated other comprehensive income (loss) along with the foreign currency\\ntranslation adjustments on those investments.\\n The Company had \\nno\\n outstanding net investment hedges as of May 31, 2023.\\nUNDESIGNATED DERIVATIVE INSTRUMENTS\\nThe Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Consolidated Balance Sheets. These'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 84, 'page_label': '85', 'start_index': 2358}, page_content=\"The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Consolidated Balance Sheets. These\\nundesignated instruments are recorded at fair value as a derivative asset or liability on the Consolidated Balance Sheets with their corresponding change in fair value recognized in\\nOther (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position.\\n The total notional amount of outstanding undesignated derivative\\ninstruments was $\\n4.7\\n billion as of May 31, 2023.\\nCREDIT RISK\\nThe Company is exposed to credit-related losses in the event of nonperformance by counterparties to hedging instruments. The counterparties to all derivative transactions are major\\nfinancial institutions with investment grade credit ratings; however, this does not eliminate the Company's exposure to credit risk with these institutions. This credit risk is limited to the\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 84, 'page_label': '85', 'start_index': 3140}, page_content=\"financial institutions with investment grade credit ratings; however, this does not eliminate the Company's exposure to credit risk with these institutions. This credit risk is limited to the\\nunrealized gains in such contracts should any of these counterparties fail to perform as contracted. To manage this risk, the Company has established strict counterparty credit\\nguidelines that are continually monitored.\\nThe Company's derivative contracts contain credit risk-related contingent features designed to protect against significant deterioration in counterparties' creditworthiness and their\\nultimate ability to settle outstanding derivative contracts in the normal course of business. The Company's bilateral credit-related contingent features generally require the owing entity,\\neither the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $\\n50\\n million should the fair value of outstanding derivatives per\\ncounterparty be greater than $\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 84, 'page_label': '85', 'start_index': 4043}, page_content=\"50\\n million should the fair value of outstanding derivatives per\\ncounterparty be greater than $\\n50\\n million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could trigger collateral requirements. As\\nof May 31, 2023, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net liability position of\\napproximately $\\n2\\n million. Accordingly, the Company posted \\nno\\n cash collateral as a result of these contingent features. Further, as of May 31, 2023, the Company had received\\n$\\n36\\n million in cash collateral from various counterparties to its derivative contracts. The Company considers the impact of the risk of counterparty default to be immaterial.\\nFor additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.\\n2023 FORM 10-K \\n80\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 85, 'page_label': '86', 'start_index': 0}, page_content='NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)\\nThe changes in Accumulated other comprehensive income (loss), net of tax, were as follows:\\n(Dollars in millions)\\nFOREIGN\\nCURRENCY\\nTRANSLATION\\nADJUSTMENT\\nCASH FLOW\\nHEDGES\\nNET INVESTMENT\\nHEDGES\\nOTHER\\nTOTAL\\nBalance at May 31, 2022\\n$\\n(\\n520\\n)\\n$\\n779\\n \\n$\\n115\\n \\n$\\n(\\n56\\n)\\n$\\n318\\n \\nOther comprehensive income (loss):\\nOther comprehensive gains (losses) before reclassifications\\n(\\n91\\n)\\n487\\n \\n—\\n \\n(\\n20\\n)\\n376\\n \\nReclassifications to net income of previously deferred (gains) losses\\n358\\n(\\n835\\n)\\n—\\n \\n14\\n(\\n463\\n)\\nTotal other comprehensive income (loss)\\n267\\n \\n(\\n348\\n)\\n—\\n \\n(\\n6\\n)\\n(\\n87\\n)\\nBalance at May 31, 2023\\n$\\n(\\n253\\n)\\n$\\n431\\n \\n$\\n115\\n \\n$\\n(\\n62\\n)\\n$\\n231\\n \\n(1)\\nThe accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or\\nsubstantially complete liquidation of the respective entity.\\n(2)\\nNet of tax benefit (expense) of $'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 85, 'page_label': '86', 'start_index': 895}, page_content='substantially complete liquidation of the respective entity.\\n(2)\\nNet of tax benefit (expense) of $\\n0 million\\n, $(\\n40\\n) million, $\\n0 million\\n, $\\n6\\n million and $(\\n34\\n) million, respectively.\\n(3)\\nNet of tax (benefit) expense of $(\\n16\\n) million, $\\n97\\n million, $\\n0 million\\n, $(\\n5\\n) million and $\\n76\\n million, respectively.\\n(Dollars in millions)\\nFOREIGN\\nCURRENCY\\nTRANSLATION\\nADJUSTMENT\\nCASH FLOW\\nHEDGES\\nNET INVESTMENT\\nHEDGES\\nOTHER\\nTOTAL\\nBalance at May 31, 2021\\n$\\n2\\n \\n$\\n(\\n435\\n)\\n$\\n115\\n \\n$\\n(\\n62\\n)\\n$\\n(\\n380\\n)\\nOther comprehensive income (loss):\\nOther comprehensive gains (losses) before reclassifications\\n(\\n522\\n)\\n1,222\\n \\n—\\n \\n28\\n \\n728\\n \\nReclassifications to net income of previously deferred (gains) losses\\n—\\n \\n(\\n8\\n)\\n—\\n \\n(\\n22\\n)\\n(\\n30\\n)\\nTotal other comprehensive income (loss)\\n(\\n522\\n)\\n1,214\\n \\n—\\n \\n6\\n \\n698\\n \\nBalance at May 31, 2022\\n$\\n(\\n520\\n)\\n$\\n779\\n \\n$\\n115\\n \\n$\\n(\\n56\\n)\\n$\\n318\\n \\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 85, 'page_label': '86', 'start_index': 1591}, page_content='—\\n \\n(\\n8\\n)\\n—\\n \\n(\\n22\\n)\\n(\\n30\\n)\\nTotal other comprehensive income (loss)\\n(\\n522\\n)\\n1,214\\n \\n—\\n \\n6\\n \\n698\\n \\nBalance at May 31, 2022\\n$\\n(\\n520\\n)\\n$\\n779\\n \\n$\\n115\\n \\n$\\n(\\n56\\n)\\n$\\n318\\n \\n(1)\\nThe accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or\\nsubstantially complete liquidation of the respective entity.\\n(2)\\nNet of tax benefit (expense) of $\\n0 million\\n, $(\\n114\\n) million, $\\n0 million\\n, $(\\n9\\n) million and $(\\n123\\n) million, respectively.\\n(3)\\nNet of tax (benefit) expense of $\\n0 million\\n, $\\n11\\n million, $\\n0 million\\n, $\\n9\\n million and $\\n20\\n million, respectively.\\n(1)\\n(1)\\n(2)\\n(3)\\n(1)\\n(1)\\n(2)\\n(3)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 86, 'page_label': '87', 'start_index': 0}, page_content='The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Consolidated Statements of Income:\\nAMOUNT OF GAIN (LOSS) \\nRECLASSIFIED FROM ACCUMULATED \\nOTHER COMPREHENSIVE INCOME \\n(LOSS) INTO INCOME\\nLOCATION OF GAIN (LOSS) \\nRECLASSIFIED FROM ACCUMULATED \\nOTHER COMPREHENSIVE INCOME \\n(LOSS) INTO INCOME\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nGains (losses) on foreign currency translation adjustment\\n$\\n(\\n374\\n)\\n$\\n—\\n \\nOther (income) expense, net\\nTotal before tax\\n(\\n374\\n)\\n—\\n \\nTax (expense) benefit\\n16\\n—\\n \\nGain (loss) net of tax\\n(\\n358\\n)\\n—\\n \\nGains (losses) on cash flow hedges:\\nForeign exchange forwards and options\\n26\\n \\n(\\n82\\n)\\nRevenues\\nForeign exchange forwards and options\\n581\\n \\n(\\n23\\n)\\nCost of sales\\nForeign exchange forwards and options\\n(\\n5\\n)\\n1\\n \\nDemand creation expense\\nForeign exchange forwards and options\\n338\\n \\n130\\n \\nOther (income) expense, net\\nInterest rate swaps\\n(\\n8\\n)\\n(\\n7\\n)\\nInterest expense (income), net\\nTotal before tax\\n932\\n19'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 86, 'page_label': '87', 'start_index': 796}, page_content='5\\n)\\n1\\n \\nDemand creation expense\\nForeign exchange forwards and options\\n338\\n \\n130\\n \\nOther (income) expense, net\\nInterest rate swaps\\n(\\n8\\n)\\n(\\n7\\n)\\nInterest expense (income), net\\nTotal before tax\\n932\\n19\\n \\nTax (expense) benefit\\n(\\n97\\n)\\n(\\n11\\n)\\nGain (loss) net of tax\\n835\\n8\\n \\nGains (losses) on other\\n(\\n19\\n)\\n31\\n \\nOther (income) expense, net\\nTotal before tax\\n(\\n19\\n)\\n31\\n \\nTax (expense) benefit\\n5\\n(\\n9\\n)\\nGain (loss) net of tax\\n(\\n14\\n)\\n22\\n \\nTotal net gain (loss) reclassified for the period\\n$\\n463\\n \\n$\\n30\\n \\n2023 FORM 10-K \\n82'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 87, 'page_label': '88', 'start_index': 0}, page_content=\"NOTE 14 — REVENUES\\nDISAGGREGATION OF REVENUES\\nThe following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:\\nYEAR ENDED MAY 31, 2023\\n(Dollars in millions)\\nNORTH\\nAMERICA\\nEUROPE,\\nMIDDLE\\nEAST &\\nAFRICA\\nGREATER\\nCHINA\\nASIA PACIFIC\\n& LATIN\\nAMERICA\\nGLOBAL\\nBRAND\\nDIVISIONS\\nTOTAL NIKE\\nBRAND\\nCONVERSE\\nCORPORATE\\nTOTAL\\nNIKE, INC.\\nRevenues by:\\nFootwear\\n$\\n14,897\\n \\n$\\n8,260\\n \\n$\\n5,435\\n \\n$\\n4,543\\n \\n$\\n— \\n$\\n33,135\\n \\n$\\n2,155\\n \\n$\\n— \\n$\\n35,290\\n \\nApparel\\n5,947\\n \\n4,566\\n \\n1,666\\n \\n1,664\\n \\n— \\n13,843\\n \\n90\\n \\n— \\n13,933\\n \\nEquipment\\n764\\n \\n592\\n \\n147\\n \\n224\\n \\n— \\n1,727\\n \\n28\\n \\n— \\n1,755\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n58\\n \\n58\\n \\n154\\n \\n27\\n \\n239\\n \\nTOTAL REVENUES\\n$\\n21,608\\n \\n$\\n13,418\\n \\n$\\n7,248\\n \\n$\\n6,431\\n \\n$\\n58\\n \\n$\\n48,763\\n \\n$\\n2,427\\n \\n$\\n27\\n \\n$\\n51,217\\n \\nRevenues by:\\nSales to Wholesale Customers\\n$\\n11,273\\n \\n$\\n8,522\\n \\n$\\n3,866\\n \\n$\\n3,736\\n \\n$\\n— \\n$\\n27,397\\n \\n$\\n1,299\\n \\n$\\n— \\n$\\n28,696\\n \\nSales through Direct to Consumer\\n10,335\\n \\n4,896\\n \\n3,382\\n \\n2,695\\n \\n— \\n21,308\\n \\n974\\n \\n—\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 87, 'page_label': '88', 'start_index': 798}, page_content=\"Sales to Wholesale Customers\\n$\\n11,273\\n \\n$\\n8,522\\n \\n$\\n3,866\\n \\n$\\n3,736\\n \\n$\\n— \\n$\\n27,397\\n \\n$\\n1,299\\n \\n$\\n— \\n$\\n28,696\\n \\nSales through Direct to Consumer\\n10,335\\n \\n4,896\\n \\n3,382\\n \\n2,695\\n \\n— \\n21,308\\n \\n974\\n \\n— \\n22,282\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n58\\n \\n58\\n \\n154\\n \\n27\\n \\n239\\n \\nTOTAL REVENUES\\n$\\n21,608\\n \\n$\\n13,418\\n \\n$\\n7,248\\n \\n$\\n6,431\\n \\n$\\n58\\n \\n$\\n48,763\\n \\n$\\n2,427\\n \\n$\\n27\\n \\n$\\n51,217\\n \\n(1)\\nRefer to Note 18 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand businesses in its CASA territory to third-party distributors.\\nYEAR ENDED MAY 31, 2022\\n(Dollars in millions)\\nNORTH\\nAMERICA\\nEUROPE,\\nMIDDLE\\nEAST &\\nAFRICA\\nGREATER\\nCHINA\\nASIA\\nPACIFIC &\\nLATIN\\nAMERICA\\nGLOBAL\\nBRAND\\nDIVISIONS\\nTOTAL NIKE\\nBRAND\\nCONVERSE\\nCORPORATE\\nTOTAL\\nNIKE, INC.\\nRevenues by:\\nFootwear\\n$\\n12,228\\n \\n$\\n7,388\\n \\n$\\n5,416\\n \\n$\\n4,111\\n \\n$\\n— \\n$\\n29,143\\n \\n$\\n2,094\\n \\n$\\n— \\n$\\n31,237\\n \\nApparel\\n5,492\\n \\n4,527\\n \\n1,938\\n \\n1,610\\n \\n— \\n13,567\\n \\n103\\n \\n— \\n13,670\\n \\nEquipment\\n633\\n \\n564\\n \\n193\\n \\n234\\n \\n— \\n1,624\\n \\n26\\n \\n— \\n1,650\\n \\nOther\\n—\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 87, 'page_label': '88', 'start_index': 1599}, page_content='5,416\\n \\n$\\n4,111\\n \\n$\\n— \\n$\\n29,143\\n \\n$\\n2,094\\n \\n$\\n— \\n$\\n31,237\\n \\nApparel\\n5,492\\n \\n4,527\\n \\n1,938\\n \\n1,610\\n \\n— \\n13,567\\n \\n103\\n \\n— \\n13,670\\n \\nEquipment\\n633\\n \\n564\\n \\n193\\n \\n234\\n \\n— \\n1,624\\n \\n26\\n \\n— \\n1,650\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n102\\n \\n102\\n \\n123\\n \\n(\\n72\\n)\\n153\\n \\nTOTAL REVENUES\\n$\\n18,353\\n \\n$\\n12,479\\n \\n$\\n7,547\\n \\n$\\n5,955\\n \\n$\\n102\\n \\n$\\n44,436\\n \\n$\\n2,346\\n \\n$\\n(\\n72\\n)\\n$\\n46,710\\n \\nRevenues by:\\nSales to Wholesale Customers\\n$\\n9,621\\n \\n$\\n8,377\\n \\n$\\n4,081\\n \\n$\\n3,529\\n \\n$\\n— \\n$\\n25,608\\n \\n$\\n1,292\\n \\n$\\n— \\n$\\n26,900\\n \\nSales through Direct to Consumer\\n8,732\\n \\n4,102\\n \\n3,466\\n \\n2,426\\n \\n— \\n18,726\\n \\n931\\n \\n— \\n19,657\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n102\\n \\n102\\n \\n123\\n \\n(\\n72\\n)\\n153\\n \\nTOTAL REVENUES\\n$\\n18,353\\n \\n$\\n12,479\\n \\n$\\n7,547\\n \\n$\\n5,955\\n \\n$\\n102\\n \\n$\\n44,436\\n \\n$\\n2,346\\n \\n$\\n(\\n72\\n)\\n$\\n46,710\\n \\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 88, 'page_label': '89', 'start_index': 0}, page_content='YEAR ENDED MAY 31, 2021\\n(Dollars in millions)\\nNORTH\\nAMERICA\\nEUROPE,\\nMIDDLE\\nEAST &\\nAFRICA\\nGREATER\\nCHINA\\nASIA PACIFIC\\n& LATIN\\nAMERICA\\nGLOBAL\\nBRAND\\nDIVISIONS\\nTOTAL NIKE\\nBRAND\\nCONVERSE\\nCORPORATE\\nTOTAL NIKE,\\nINC.\\nRevenues by:\\nFootwear\\n$\\n11,644\\n \\n$\\n6,970\\n \\n$\\n5,748\\n \\n$\\n3,659\\n \\n$\\n—\\n \\n$\\n28,021\\n \\n$\\n1,986\\n \\n$\\n—\\n \\n$\\n30,007\\n \\nApparel\\n5,028\\n \\n3,996\\n \\n2,347\\n \\n1,494\\n \\n—\\n \\n12,865\\n \\n104\\n \\n—\\n \\n12,969\\n \\nEquipment\\n507\\n \\n490\\n \\n195\\n \\n190\\n \\n—\\n \\n1,382\\n \\n29\\n \\n—\\n \\n1,411\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n25\\n \\n25\\n \\n86\\n \\n40\\n \\n151\\n \\nTOTAL REVENUES\\n$\\n17,179\\n \\n$\\n11,456\\n \\n$\\n8,290\\n \\n$\\n5,343\\n \\n$\\n25\\n \\n$\\n42,293\\n \\n$\\n2,205\\n \\n$\\n40\\n \\n$\\n44,538\\n \\nRevenues by:\\nSales to Wholesale Customers\\n$\\n10,186\\n \\n$\\n7,812\\n \\n$\\n4,513\\n \\n$\\n3,387\\n \\n$\\n—\\n \\n$\\n25,898\\n \\n$\\n1,353\\n \\n$\\n—\\n \\n$\\n27,251\\n \\nSales through Direct to Consumer\\n6,993\\n \\n3,644\\n \\n3,777\\n \\n1,956\\n \\n—\\n \\n16,370\\n \\n766\\n \\n—\\n \\n17,136\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n25\\n \\n25\\n \\n86\\n \\n40\\n \\n151\\n \\nTOTAL REVENUES\\n$\\n17,179\\n \\n$\\n11,456\\n \\n$\\n8,290\\n \\n$\\n5,343\\n \\n$\\n25\\n \\n$\\n42,293\\n \\n$\\n2,205\\n \\n$\\n40\\n \\n$\\n44,538\\n \\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 88, 'page_label': '89', 'start_index': 785}, page_content=\"1,956\\n \\n—\\n \\n16,370\\n \\n766\\n \\n—\\n \\n17,136\\n \\nOther\\n—\\n \\n—\\n \\n—\\n \\n—\\n \\n25\\n \\n25\\n \\n86\\n \\n40\\n \\n151\\n \\nTOTAL REVENUES\\n$\\n17,179\\n \\n$\\n11,456\\n \\n$\\n8,290\\n \\n$\\n5,343\\n \\n$\\n25\\n \\n$\\n42,293\\n \\n$\\n2,205\\n \\n$\\n40\\n \\n$\\n44,538\\n \\n(1)\\n \\nRefer to Note 18 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand business in Brazil to a third-party distributor.\\nFor the fiscal years ended May 31, 2023, 2022 and 2021, Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a\\ngeographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains\\nand losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company's central foreign\\nexchange risk management program.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 88, 'page_label': '89', 'start_index': 1672}, page_content=\"exchange risk management program.\\nAs of May 31, 2023 and 2022, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Consolidated\\nBalance Sheets.\\nSALES-RELATED RESERVES\\nAs of May 31, 2023 and 2022, the Company's sales-related reserve balance, which includes returns, post-invoice sales discounts and miscellaneous claims, was $\\n994\\n million and\\n$\\n1,015\\n million, respectively, recorded in Accrued liabilities on the Consolidated Balance Sheets. The estimated cost of inventory for expected product returns was $\\n226\\n million and\\n$\\n194\\n million as of May 31, 2023 and 2022, respectively, and was recorded in Prepaid expenses and other current assets on the Consolidated Balance Sheets.\\nNOTE 15 — OPERATING SEGMENTS AND RELATED INFORMATION\\nThe Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 88, 'page_label': '89', 'start_index': 2493}, page_content='The Company\\'s operating segments are evidence of the structure of the Company\\'s internal organization. The NIKE Brand segments are defined by geographic regions for operations\\nparticipating in NIKE Brand sales activity.\\nEach NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The\\nCompany\\'s reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa (\"EMEA\"); Greater China; and Asia Pacific & Latin America (\"APLA\"),\\nand include results for the NIKE and Jordan brands. Refer to Note 18 — Acquisitions and Divestitures for information regarding the transition of NIKE Brand businesses in certain\\ncountries within APLA to third-party distributors.\\nThe Company\\'s NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 88, 'page_label': '89', 'start_index': 3289}, page_content=\"The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in\\none industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.\\nGlobal Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include\\nNIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating\\noverhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations\\nand enterprise technology.\\n(1)\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 89, 'page_label': '90', 'start_index': 0}, page_content='Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization\\nrelated to the Company\\'s headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and\\nlosses, including certain hedge gains and losses.\\nThe primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes (\"EBIT\"), which represents Net\\nincome before Interest expense (income), net and Income tax expense in the Consolidated Statements of Income.\\nAs part of the Company\\'s centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 89, 'page_label': '90', 'start_index': 685}, page_content=\"As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in\\nthe Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they\\nrelate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and summer selling seasons) based\\non average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect\\nthe use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 89, 'page_label': '90', 'start_index': 1395}, page_content=\"the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates\\nand actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk\\nmanagement program and other conversion gains and losses.\\nAccounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 90, 'page_label': '91', 'start_index': 0}, page_content='YEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nREVENUES\\nNorth America\\n$\\n21,608\\n \\n$\\n18,353\\n \\n$\\n17,179\\n \\nEurope, Middle East & Africa\\n13,418\\n \\n12,479\\n \\n11,456\\n \\nGreater China\\n7,248\\n \\n7,547\\n \\n8,290\\n \\nAsia Pacific & Latin America\\n6,431\\n \\n5,955\\n \\n5,343\\n \\nGlobal Brand Divisions\\n58\\n \\n102\\n \\n25\\n \\nTotal NIKE Brand\\n48,763\\n \\n44,436\\n \\n42,293\\n \\nConverse\\n2,427\\n \\n2,346\\n \\n2,205\\n \\nCorporate\\n27\\n \\n(\\n72\\n)\\n40\\n \\nTOTAL NIKE, INC. REVENUES\\n$\\n51,217\\n \\n$\\n46,710\\n \\n$\\n44,538\\n \\nEARNINGS BEFORE INTEREST AND TAXES\\nNorth America\\n$\\n5,454\\n \\n$\\n5,114\\n \\n$\\n5,089\\n \\nEurope, Middle East & Africa\\n3,531\\n \\n3,293\\n \\n2,435\\n \\nGreater China\\n2,283\\n \\n2,365\\n \\n3,243\\n \\nAsia Pacific & Latin America\\n1,932\\n \\n1,896\\n \\n1,530\\n \\nGlobal Brand Divisions\\n(\\n4,841\\n)\\n(\\n4,262\\n)\\n(\\n3,656\\n)\\nConverse\\n676\\n \\n669\\n \\n543\\n \\nCorporate\\n(\\n2,840\\n)\\n(\\n2,219\\n)\\n(\\n2,261\\n)\\nInterest expense (income), net\\n(\\n6\\n)\\n205\\n \\n262\\n \\nTOTAL NIKE, INC. INCOME BEFORE INCOME TAXES\\n$\\n6,201\\n \\n$\\n6,651\\n \\n$\\n6,661\\n \\nADDITIONS TO PROPERTY, PLANT AND EQUIPMENT\\nNorth America\\n$\\n283\\n \\n$\\n146'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 90, 'page_label': '91', 'start_index': 802}, page_content=')\\nInterest expense (income), net\\n(\\n6\\n)\\n205\\n \\n262\\n \\nTOTAL NIKE, INC. INCOME BEFORE INCOME TAXES\\n$\\n6,201\\n \\n$\\n6,651\\n \\n$\\n6,661\\n \\nADDITIONS TO PROPERTY, PLANT AND EQUIPMENT\\nNorth America\\n$\\n283\\n \\n$\\n146\\n \\n$\\n98\\n \\nEurope, Middle East & Africa\\n215\\n \\n197\\n \\n153\\n \\nGreater China\\n56\\n \\n78\\n \\n94\\n \\nAsia Pacific & Latin America\\n64\\n \\n56\\n \\n54\\n \\nGlobal Brand Divisions\\n271\\n \\n222\\n \\n278\\n \\nTotal NIKE Brand\\n889\\n \\n699\\n \\n677\\n \\nConverse\\n7\\n \\n9\\n \\n7\\n \\nCorporate\\n140\\n \\n103\\n \\n107\\n \\nTOTAL ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT\\n$\\n1,036\\n \\n$\\n811\\n \\n$\\n791\\n \\nDEPRECIATION\\nNorth America\\n$\\n128\\n \\n$\\n124\\n \\n$\\n130\\n \\nEurope, Middle East & Africa\\n120\\n \\n134\\n \\n136\\n \\nGreater China\\n54\\n \\n41\\n \\n46\\n \\nAsia Pacific & Latin America\\n42\\n \\n42\\n \\n43\\n \\nGlobal Brand Divisions\\n211\\n \\n220\\n \\n222\\n \\nTotal NIKE Brand\\n555\\n \\n561\\n \\n577\\n \\nConverse\\n17\\n \\n22\\n \\n26\\n \\nCorporate\\n131\\n \\n134\\n \\n141\\n \\nTOTAL DEPRECIATION\\n$\\n703\\n \\n$\\n717\\n \\n$\\n744'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 91, 'page_label': '92', 'start_index': 0}, page_content='AS OF MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nACCOUNTS RECEIVABLE, NET\\nNorth America\\n$\\n1,653\\n \\n$\\n1,850\\n \\nEurope, Middle East & Africa\\n1,197\\n \\n1,351\\n \\nGreater China\\n162\\n \\n406\\n \\nAsia Pacific & Latin America\\n700\\n \\n664\\n \\nGlobal Brand Divisions\\n96\\n \\n113\\n \\nTotal NIKE Brand\\n3,808\\n \\n4,384\\n \\nConverse\\n235\\n \\n230\\n \\nCorporate\\n88\\n \\n53\\n \\nTOTAL ACCOUNTS RECEIVABLE, NET\\n$\\n4,131\\n \\n$\\n4,667\\n \\nINVENTORIES\\nNorth America\\n$\\n3,806\\n \\n$\\n4,098\\n \\nEurope, Middle East & Africa\\n2,167\\n \\n1,887\\n \\nGreater China\\n973\\n \\n1,044\\n \\nAsia Pacific & Latin America\\n894\\n \\n686\\n \\nGlobal Brand Divisions\\n232\\n \\n197\\n \\nTotal NIKE Brand\\n8,072\\n \\n7,912\\n \\nConverse\\n305\\n \\n279\\n \\nCorporate\\n77\\n \\n229\\n \\nTOTAL INVENTORIES\\n$\\n8,454\\n \\n$\\n8,420\\n \\nPROPERTY, PLANT AND EQUIPMENT, NET\\nNorth America\\n$\\n794\\n \\n$\\n639\\n \\nEurope, Middle East & Africa\\n1,009\\n \\n920\\n \\nGreater China\\n292\\n \\n303\\n \\nAsia Pacific & Latin America\\n279\\n \\n274\\n \\nGlobal Brand Divisions\\n840\\n \\n789\\n \\nTotal NIKE Brand\\n3,214\\n \\n2,925\\n \\nConverse\\n38\\n \\n49\\n \\nCorporate\\n1,829\\n \\n1,817'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 91, 'page_label': '92', 'start_index': 778}, page_content='1,009\\n \\n920\\n \\nGreater China\\n292\\n \\n303\\n \\nAsia Pacific & Latin America\\n279\\n \\n274\\n \\nGlobal Brand Divisions\\n840\\n \\n789\\n \\nTotal NIKE Brand\\n3,214\\n \\n2,925\\n \\nConverse\\n38\\n \\n49\\n \\nCorporate\\n1,829\\n \\n1,817\\n \\nTOTAL PROPERTY, PLANT AND EQUIPMENT, NET\\n$\\n5,081\\n \\n$\\n4,791\\n \\n(1)\\nExcludes assets held-for-sale as of May 31, 2022. See Note 18 — Acquisitions and Divestitures for additional information.\\nREVENUES AND LONG-LIVED ASSETS BY GEOGRAPHIC AREA\\nAfter allocation of revenues for Global Brand Divisions, Converse and Corporate to geographical areas based on the location where the sales originated, revenues by geographical\\narea are essentially the same as reported above for the NIKE Brand operating segments with the exception of the United States. Revenues derived in the United States were $\\n22,007\\nmillion, $\\n18,749\\n million and $\\n17,363\\n million for the fiscal years ended May 31, 2023, 2022 and 2021, respectively.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 91, 'page_label': '92', 'start_index': 1558}, page_content=\"22,007\\nmillion, $\\n18,749\\n million and $\\n17,363\\n million for the fiscal years ended May 31, 2023, 2022 and 2021, respectively.\\nThe Company's largest concentrations of long-lived assets primarily consist of the Company's corporate headquarters, retail locations and distribution facilities in the United States and\\nChina, as well as distribution facilities in Belgium. \\nLong-lived assets attributable to operations in these countries, which consist of property, plant and equipment, net and operating\\nlease ROU assets, net, were as follows: \\nMAY 31,\\n(Dollars in millions)\\n2023\\n2022\\nUnited States\\n$\\n5,129\\n \\n$\\n4,916\\n \\nBelgium\\n702\\n \\n646\\n \\nChina\\n559\\n \\n538\\n \\n(1)\\n(1)\\n(1)\\n2023 FORM 10-K \\n87\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 92, 'page_label': '93', 'start_index': 0}, page_content=\"NOTE 16 — COMMITMENTS AND CONTINGENCIES\\nAs of May 31, 2023 and 2022, the Company had bank guarantees and letters of credit outstanding totaling $\\n588\\n million and $\\n289\\n million, respectively, issued primarily for real estate\\nagreements, self-insurance programs, other general business obligations and legal matters.\\nIn connection with various contracts and agreements, the Company provides routine indemnification relating to the enforceability of intellectual property rights, coverage for legal\\nissues that arise and other items where the Company is acting as the guarantor. Currently, the Company has several such agreements in place. However, based on the Company's\\nhistorical experience and the estimated probability of future loss, the Company has determined the fair value of such indemnification is not material to the Company's financial position\\nor results of operations.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 92, 'page_label': '93', 'start_index': 857}, page_content=\"or results of operations.\\nIn the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its\\nemployees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of\\nthese legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual\\nlosses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its\\nbest estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 92, 'page_label': '93', 'start_index': 1610}, page_content=\"best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's\\nexpectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based\\non its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's\\nresults of operations, financial position or cash flows, except as described below.\\nBELGIAN CUSTOMS CLAIM\\nThe Company has received claims for certain years from the Belgian Customs Authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The\\nCompany disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 92, 'page_label': '93', 'start_index': 2433}, page_content=\"Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is\\nunable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against\\nthe Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations,\\nfinancial position and cash flows.\\nNOTE 17 — LEASES\\nLease expense is recognized in Cost of sales or Operating overhead expense within the Consolidated Statements of Income, based on the underlying nature of the leased asset. For\\nthe fiscal years ended May 31, 2023, 2022 and 2021, lease expense primarily consisted of operating lease costs of $\\n585\\n million, $\\n593\\n million and $\\n589\\n million, respectively. Lease\\nexpense also consisted of $\\n403\\n million, $\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 92, 'page_label': '93', 'start_index': 3320}, page_content=\"585\\n million, $\\n593\\n million and $\\n589\\n million, respectively. Lease\\nexpense also consisted of $\\n403\\n million, $\\n366\\n million and $\\n347\\n million for fiscal years ended May 31, 2023, 2022 and 2021, respectively, primarily related to variable lease costs, which\\nincludes an immaterial amount of short-term lease costs. As of and for the fiscal years ended May 31, 2023 and 2022 and 2021, finance leases were not a material component of the\\nCompany's lease portfolio.\\nThe undiscounted cash flows for future maturities of the Company's operating lease liabilities and the reconciliation to the Operating lease liabilities recognized in the Company's\\nConsolidated Balance Sheets are as follows:\\n(Dollars in millions)\\nAS OF MAY 31, 2023\\nFiscal 2024\\n$\\n506\\n \\nFiscal 2025\\n562\\n \\nFiscal 2026\\n490\\n \\nFiscal 2027\\n436\\n \\nFiscal 2028\\n369\\n \\nThereafter\\n1,225\\n \\nTotal undiscounted future cash flows related to lease payments\\n$\\n3,588\\n \\nLess interest\\n377\\n \\nPresent value of lease liabilities\\n$\\n3,211\\n \\n(1)\\nExcludes $\\n278\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 92, 'page_label': '93', 'start_index': 4119}, page_content='436\\n \\nFiscal 2028\\n369\\n \\nThereafter\\n1,225\\n \\nTotal undiscounted future cash flows related to lease payments\\n$\\n3,588\\n \\nLess interest\\n377\\n \\nPresent value of lease liabilities\\n$\\n3,211\\n \\n(1)\\nExcludes $\\n278\\n million as of May 31, 2023, of future operating lease payments for lease agreements signed but not yet commenced.\\n(1)'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 93, 'page_label': '94', 'start_index': 0}, page_content='The following table includes supplemental information used to calculate the present value of Operating lease liabilities:\\nAS OF MAY 31,\\n2023\\n2022\\nWeighted-average remaining lease term (in years)\\n7.5\\n7.8\\nWeighted-average discount rate\\n2.5\\n \\n%\\n2.3\\n \\n%\\nThe following table includes supplemental cash and non-cash information related to operating leases:\\nYEAR ENDED MAY 31,\\n(Dollars in millions)\\n2023\\n2022\\n2021\\nCash paid for amounts included in the measurement of lease liabilities:\\nOperating cash flows from operating leases\\n$\\n575\\n \\n$\\n589\\n \\n$\\n583\\n \\nOperating lease right-of-use assets obtained in exchange for new operating lease liabilities\\n$\\n602\\n \\n$\\n537\\n \\n$\\n489\\n \\nNOTE 18 — ACQUISITIONS AND DIVESTITURES\\nACQUISITIONS\\nDuring fiscal 2023, 2022 and 2021, the Company made multiple acquisitions focused on gaining new capabilities to fuel its Consumer Direct Acceleration strategy, serving consumers'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 93, 'page_label': '94', 'start_index': 703}, page_content=\"ACQUISITIONS\\nDuring fiscal 2023, 2022 and 2021, the Company made multiple acquisitions focused on gaining new capabilities to fuel its Consumer Direct Acceleration strategy, serving consumers\\npersonally at a global scale. The impact of acquisitions, individually and in aggregate, was not considered material to the Company's Consolidated Financial Statements.\\nDIVESTITURES\\nDuring the fourth quarter of fiscal 2022, the Company entered into separate definitive agreements to sell its entities in Argentina and Uruguay as well as its entity in Chile to third-party\\ndistributors.\\nThe sale of the Company's entity in Chile to a third-party distributor was completed during the first quarter of fiscal 2023. The impacts from the transaction were not material to the\\nCompany's Consolidated Financial Statements.\\nThe sale of the Company's entities in Argentina and Uruguay to a third-party distributor was completed during the second quarter of fiscal 2023 and the net loss on the sale of these\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 93, 'page_label': '94', 'start_index': 1510}, page_content=\"The sale of the Company's entities in Argentina and Uruguay to a third-party distributor was completed during the second quarter of fiscal 2023 and the net loss on the sale of these\\nentities totaled approximately $\\n550\\n million. This loss included $\\n389\\n million, recognized primarily in fiscal 2020, largely due to the anticipated release of the cumulative foreign currency\\ntranslation losses. The remaining loss recognized in fiscal 2023 was due to the devaluation of local currency and cash equivalents included in the transferred assets. Upon completion\\nof the sale, the foreign currency translation losses recorded in Accumulated other comprehensive income (loss) were reclassified to Net income within Other (income) expense, net, on\\nthe Company's Consolidated Statements of Comprehensive Income along with the allowance for previously recognized losses recorded in Accrued liabilities. The net loss was\\nclassified within Corporate.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 93, 'page_label': '94', 'start_index': 2250}, page_content=\"the Company's Consolidated Statements of Comprehensive Income along with the allowance for previously recognized losses recorded in Accrued liabilities. The net loss was\\nclassified within Corporate.\\nThe net cash proceeds received are reflected within Other investing activities on the Company's Consolidated Statements of Cash Flows.\\nThe related assets and liabilities of these entities within the Company's APLA operating segment were classified as held-for-sale on the Consolidated Balance Sheets within Prepaid\\nexpenses and other currents and Accrued liabilities, respectively, until the transactions closed. As of May 31, 2022, held-for-sale assets were $\\n182\\n million and held-for-sale liabilities\\nwere $\\n58\\n million.\\nOTHER DIVESTITURES\\nDuring fiscal 2020, the Company entered into a definitive agreement to sell substantially all of its NIKE Brand operations in Brazil and shift to a distributor operating model. During fiscal\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 93, 'page_label': '94', 'start_index': 2992}, page_content='During fiscal 2020, the Company entered into a definitive agreement to sell substantially all of its NIKE Brand operations in Brazil and shift to a distributor operating model. During fiscal\\n2021, the transaction closed and the Company recognized a loss of approximately $\\n50\\n million within Other (income) expense, net classified within Corporate, on the Consolidated\\nStatements of Income. Cash proceeds received were reflected within Other investing activities on the Consolidated Statements of Cash Flows.\\n2023 FORM 10-K \\n89'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 94, 'page_label': '95', 'start_index': 0}, page_content='NOTE 19 — RESTRUCTURING\\nIn fiscal 2021, the Company substantially completed a series of leadership and operating model changes to streamline and speed up the strategic execution of the Consumer Direct\\nAcceleration.\\nFor the fiscal year ended May 31, 2021\\n, the Company recognized employee termination costs of $\\n214\\n million and $\\n35\\n million within Operating overhead expense and Cost of sales,\\nrespectively, and made cash payments of $\\n212\\n million. Additionally, the related stock-based compensation expense recorded within Operating overhead expense and Cost of sales\\nwas $\\n41\\n million and $\\n4\\n million, respectively.\\nThese costs were classified within Corporate.\\n2023 FORM 10-K \\n90'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 95, 'page_label': '96', 'start_index': 0}, page_content='ITEM 9. CHANGES IN AND DISAGREEMENTS WITH\\nACCOUNTANTS ON ACCOUNTING AND FINANCIAL\\nDISCLOSURE\\nThere has been no change of accountants nor any disagreements with accountants on any matter of accounting principles or practices or financial statement disclosure required to be\\nreported under this Item.\\nITEM 9A. CONTROLS AND PROCEDURES\\nWe maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our Securities Exchange Act of 1934,\\nas amended (the \"Exchange Act\"), reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission\\'s rules and\\nforms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 95, 'page_label': '96', 'start_index': 688}, page_content='forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for\\ntimely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no\\nmatter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in\\nevaluating the cost-benefit relationship of possible controls and procedures.\\nWe carry out a variety of ongoing procedures, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, to\\nevaluate the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 95, 'page_label': '96', 'start_index': 1478}, page_content='evaluate the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer\\nconcluded that our disclosure controls and procedures were effective at the reasonable assurance level as of May 31, 2023.\\n\"Management\\'s Annual Report on Internal Control Over Financial Reporting\" is included in Item 8 of this Annual Report.\\nWe are continuing several transformation initiatives to centralize and simplify our business processes and systems. These are long-term initiatives, which we believe will enhance our\\ninternal control over financial reporting due to increased automation and further integration of related processes. We will continue to monitor our internal control over financial reporting\\nfor effectiveness throughout these transformation initiatives.'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 95, 'page_label': '96', 'start_index': 2271}, page_content='for effectiveness throughout these transformation initiatives.\\nThere have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially\\naffect, our internal control over financial reporting.\\nITEM 9B. OTHER INFORMATION\\nNo disclosure is required under this item.\\nITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS\\nTHAT PREVENT INSPECTIONS\\nNot applicable.\\n2023 FORM 10-K \\n91'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 96, 'page_label': '97', 'start_index': 0}, page_content='PART III\\nITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND\\nCORPORATE GOVERNANCE\\nThe information required by Item 401 of Regulation S-K regarding directors is included under \"Corporate Governance — NIKE, Inc. Board of Directors\" in the definitive Proxy\\nStatement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference. The information required by Item 401 of Regulation S-K regarding executive officers is\\nincluded under \"Information about our Executive Officers\" in Item 1 of this Annual Report. The information required by Item 406 of Regulation S-K is included under \"Corporate\\nGovernance — Code of Conduct\" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference. The information required by\\nItems 407(d)(4) and (d)(5) of Regulation S-K regarding the Audit & Finance Committee of the Board of Directors is included under \"Corporate Governance — Board Structure and'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 96, 'page_label': '97', 'start_index': 779}, page_content='Items 407(d)(4) and (d)(5) of Regulation S-K regarding the Audit & Finance Committee of the Board of Directors is included under \"Corporate Governance — Board Structure and\\nResponsibilities — Board Committees\" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference.\\nITEM 11. EXECUTIVE COMPENSATION\\nThe information required by Items 402, 407(e)(4) and 407(e)(5) of Regulation S-K regarding executive compensation is included under \"Corporate Governance — Director\\nCompensation for Fiscal 2023,\" \"Executive Compensation — Compensation Discussion and Analysis,\" \"Executive Compensation — Executive Compensation Tables,\" and \"Additional\\nInformation — Compensation Committee Interlocks and Insider Participation,\" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein\\nby reference.\\nITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL\\nOWNERS AND MANAGEMENT AND RELATED STOCKHOLDER\\nMATTERS'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 96, 'page_label': '97', 'start_index': 1656}, page_content='by reference.\\nITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL\\nOWNERS AND MANAGEMENT AND RELATED STOCKHOLDER\\nMATTERS\\nThe information required by Item 201(d) of Regulation S-K is included under \"Executive Compensation — Executive Compensation Tables — Equity Compensation Plan Information\"\\nin the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference. The information required by Item 403 of Regulation S-K is\\nincluded under \"Stock Ownership Information — Stock Holdings of Certain Owners and Management\" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders\\nand is incorporated herein by reference.\\nITEM 13. CERTAIN RELATIONSHIPS AND RELATED\\nTRANSACTIONS AND DIRECTOR INDEPENDENCE\\nThe information required by Items 404 and 407(a) of Regulation S-K is included under \"Additional Information — Transactions with Related Persons\" and \"Corporate Governance —'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 96, 'page_label': '97', 'start_index': 2419}, page_content='The information required by Items 404 and 407(a) of Regulation S-K is included under \"Additional Information — Transactions with Related Persons\" and \"Corporate Governance —\\nNIKE, Inc. Board of Directors — Director Independence\" in the definitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference.\\nITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES\\nThe information required by Item 9(e) of Schedule 14A is included under \"Audit Matters — Ratification of Appointment of Independent Registered Public Accounting Firm\" in the\\ndefinitive Proxy Statement for our 2023 Annual Meeting of Shareholders and is incorporated herein by reference.\\n2023 FORM 10-K \\n92'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 97, 'page_label': '98', 'start_index': 0}, page_content=\"PART IV\\nITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\\n(a)\\nThe following documents are filed as part of this Annual Report:\\nFORM 10-K PAGE\\nNO.\\n1.\\nFinancial Statements:\\nReport of Independent Registered Public Accounting Firm\\n (PCAOB ID \\n238\\n)\\n53\\nConsolidated Statements of Income for each of the three years ended May 31, 202\\n3\\n, May 31, 202\\n2\\n and May 31, 20\\n21\\n55\\nConsolidated Statements of Comprehensive Income for each of the three years ended May 31, 202\\n3\\n, May 31, 202\\n2\\n and May 31, 20\\n21\\n56\\nConsolidated Balance Sheets at May 31, 202\\n3\\n and May 31, 202\\n2\\n57\\nConsolidated Statements of Cash Flows for each of the three years ended May 31, 202\\n3\\n, May 31, 202\\n2\\n and May 31, 20\\n21\\n58\\nConsolidated Statements of Shareholders' Equity for each of the three years ended May 31, 202\\n3\\n, May 31, 202\\n2\\n and May 31, 20\\n21\\n59\\nNotes to Consolidated Financial Statements\\n60\\n2.\\nFinancial Statement Schedule:\\nII — Valuation and Qualifying Accounts for the years ended May 31, 202\\n3\\n, 202\\n2\\n and 20\\n21\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 97, 'page_label': '98', 'start_index': 805}, page_content=\"2\\n and May 31, 20\\n21\\n59\\nNotes to Consolidated Financial Statements\\n60\\n2.\\nFinancial Statement Schedule:\\nII — Valuation and Qualifying Accounts for the years ended May 31, 202\\n3\\n, 202\\n2\\n and 20\\n21\\n96\\nAll other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes\\nthereto.\\n3.\\nExhibits:\\n3.1\\nRestated Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter\\nended November 30, 2015).\\n3.2\\nFifth Restated Bylaws, as amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed June 19, 2020).\\n4.1\\nRestated Articles of Incorporation, as amended (see Exhibit 3.1).\\n4.2\\nFifth Restated Bylaws, as amended (see Exhibit 3.2).\\n4.3\\nIndenture dated as of April 26, 2013, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.1\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 97, 'page_label': '98', 'start_index': 1625}, page_content=\"4.3\\nIndenture dated as of April 26, 2013, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.1\\nto the Company's Form 8-K filed April 26, 2013).\\n4.4\\nSecond Supplemental Indenture, dated as of October 29, 2015, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as trustee, including the\\nform of 3.875% Notes due 2045 (incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed October 29, 2015).\\n4.5\\nThird Supplemental Indenture, dated as of October 21, 2016, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as trustee, including the\\nform of 2.375% Notes due 2026 and form of 3.375% Notes due 2046 (incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed October 21, 2016).\\n4.6\\nFourth Supplemental Indenture, dated as of March 27, 2020, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as trustee, including the\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 97, 'page_label': '98', 'start_index': 2434}, page_content=\"4.6\\nFourth Supplemental Indenture, dated as of March 27, 2020, by and between NIKE, Inc. and Deutsche Bank Trust Company Americas, as trustee, including the\\nform of 2.400% Notes due 2025, form of 2.750% Notes due 2027, form of 2.850% Notes due 2030, form of 3.250% Notes due 2040 and form of 3.375% Notes due\\n2050 (incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed March 27, 2020).\\n4.7\\nDescription of Registrants Securities (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31,\\n2019).\\n10.1\\nForm of Non-Statutory Stock Option Agreement for options granted to non-employee directors under the 1990 Stock Incentive Plan (incorporated by reference to\\nExhibit 10.2 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2010).*\\n10.2\\nForm of Restricted Stock Agreement for non-employee directors under the 1990 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 97, 'page_label': '98', 'start_index': 3269}, page_content=\"10.2\\nForm of Restricted Stock Agreement for non-employee directors under the 1990 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's\\nAnnual Report on Form 10-K for the fiscal year ended May 31, 2014).*\\n10.3\\nForm of Non-Statutory Stock Option Agreement for options granted to executives under the Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the\\nCompany's Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2018).*\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 0}, page_content=\"10.4\\nForm of Indemnity Agreement entered into between the Company and each of its officers and directors (incorporated by reference to Exhibit 10.2 to the Company's\\nAnnual Report on Form 10-K for the fiscal year ended May 31, 2008).*\\n10.5\\nNIKE, Inc. 1990 Stock Incentive Plan (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31,\\n2014).*\\n10.6\\nNIKE, Inc. Deferred Compensation Plan (Amended and Restated effective April 1, 2013) (incorporated by reference to Exhibit 10.9 to the Company's Annual\\nReport on Form 10-K for the fiscal year ended May 31, 2013).*\\n10.7\\nNIKE, Inc. Deferred Compensation Plan (Amended and Restated effective June 1, 2004) (applicable to amounts deferred before January 1, 2005) (incorporated by\\nreference to Exhibit 10.6 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2004).*\\n10.8\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 786}, page_content=\"reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2004).*\\n10.8\\nAmendment No. 1 effective January 1, 2008 to the NIKE, Inc. Deferred Compensation Plan (June 1, 2004 Restatement) (incorporated by reference to Exhibit 10.9\\nto the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2009).*\\n10.9\\nNIKE, Inc. Foreign Subsidiary Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the\\nfiscal quarter ended November 30, 2008).*\\n10.10\\nAmended and Restated Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and Mark G. Parker dated July 24, 2008 (incorporated by\\nreference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed July 24, 2008).*\\n10.11\\nForm of Restricted Stock Unit Agreement under the Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 1598}, page_content=\"10.11\\nForm of Restricted Stock Unit Agreement under the Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-\\nQ for the fiscal quarter ended February 28, 2018).*\\n10.12\\nForm of Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and its executive officers (other than Mark G. Parker and John J. Donahoe\\nII) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed February 18, 2020).*\\n10.13\\nPolicy for Recoupment of Incentive Compensation (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed July 20, 2010).*\\n10.14\\nNIKE, Inc. Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed September 23, 2015).*\\n10.15\\nForm of Discretionary Performance Award Agreement (incorporated by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K for the fiscal year\\nended May 31, 2018).*\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 2411}, page_content=\"10.15\\nForm of Discretionary Performance Award Agreement (incorporated by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K for the fiscal year\\nended May 31, 2018).*\\n10.16\\nNIKE, Inc. Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit A to the Company's definitive Proxy Statement filed July 25,\\n2017).*\\n10.17\\nOffer Letter between NIKE, Inc. and John J. Donahoe II (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed October 22,\\n2019).*\\n10.18\\nForm of Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and John J. Donahoe II (incorporated by reference to Exhibit 10.3 to the\\nCompany's Current Report on Form 8-K filed October 22, 2019).*\\n10.19\\nForm of Performance-Based Stock Option Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed October 22,\\n2019).\\n10.20\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 3163}, page_content=\"10.19\\nForm of Performance-Based Stock Option Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed October 22,\\n2019).\\n10.20\\nLetter Agreement between NIKE, Inc. and Mark G. Parker (incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed October\\n22, 2019).*\\n10.21\\nNIKE, Inc. Executive Performance Sharing Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed June 19, 2020).*\\n10.22\\nNIKE, Inc. Amended and Restated Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed June\\n19, 2020).*\\n10.23\\nForm of Non-Statutory Stock Option Agreement under the NIKE, Inc. Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Current\\nReport on Form 8-K filed June 19, 2020).*\\n10.24\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 4000}, page_content=\"Report on Form 8-K filed June 19, 2020).*\\n10.24\\nForm of Restricted Stock Unit Agreement under the NIKE, Inc. Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Current Report on\\nForm 8-K filed June 19, 2020).*\\n10.25\\nNIKE, Inc. Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed September 18, 202\\n0\\n)\\n.\\n*\\n10.26\\nNIKE, Inc. Performance-Based Restricted Stock Unit Agreem\\nen\\nt\\n under the NIKE\\n, Inc.\\n Stock Incentive Plan\\n (incorporated by reference to Exhibit 10.1 to the\\nCompany's Current Report on Form 8-K filed on June 17, 2021)\\n.*\\n10.27\\nCredit Agreement, dated as of March 11, 2022, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, and the other Banks named therein\\n(incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 14, 2022).\\n10.28\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 98, 'page_label': '99', 'start_index': 4778}, page_content=\"(incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 14, 2022).\\n10.28\\nNIKE, Inc. Employee Stock Purchase Plan, as amended (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on\\nSeptember 14, 2022).\\n10.29\\nCredit Agreement, dated as of March 10, 2023, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, and the other Banks named therein\\n(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 13, 2023).\\n21\\nSubsidiaries of the Registrant.\\n23\\nConsent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm (included within this Annual Report on Form 10-K).\\n31.1\\nRule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.\\n31.2\\nRule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.\\n32†\\nSection 1350 Certifications.\"),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 99, 'page_label': '100', 'start_index': 0}, page_content='101.INS\\nInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline\\nXBRL document.\\n101.SCH\\nInline XBRL Taxonomy Extension Schema\\n101.CAL\\nInline XBRL Taxonomy Extension Calculation Linkbase\\n101.DEF\\nInline XBRL Taxonomy Extension Definition Document\\n101.LAB\\nInline XBRL Taxonomy Extension Label Linkbase\\n101.PRE\\nInline XBRL Taxonomy Extension Presentation Linkbase\\n104\\nCover Page Interactive Data File - formatted in Inline XBRL and included in Exhibit 101\\n* \\nManagement contract or compensatory plan or arrangement.\\n†\\n Furnished herewith\\nThe Exhibits filed herewith do not include certain instruments with respect to long-term debt of NIKE and its subsidiaries, inasmuch as the total amount of debt authorized under any\\nsuch instrument does not exceed 10 percent of the total assets of NIKE and its subsidiaries on a consolidated basis. NIKE agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K,'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 99, 'page_label': '100', 'start_index': 811}, page_content='such instrument does not exceed 10 percent of the total assets of NIKE and its subsidiaries on a consolidated basis. NIKE agrees, pursuant to Item 601(b)(4)(iii) of Regulation S-K,\\nthat it will furnish a copy of any such instrument to the SEC upon request.\\n2023 FORM 10-K \\n95'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 100, 'page_label': '101', 'start_index': 0}, page_content='SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS\\n(Dollars in millions)\\nBALANCE AT \\nBEGINNING OF\\nPERIOD\\nCHARGED TO\\n COSTS AND\\n EXPENSES\\nCHARGED\\n \\n TO OTHER \\n \\nACCOUNTS\\nWRITE-OFFS,\\nNET\\nBALANCE \\nAT END \\nOF PERIOD\\nSales returns reserve\\nFor the fiscal year ended May 31, 2021\\n$\\n682\\n \\n$\\n2,617\\n \\n$\\n41\\n \\n$\\n(\\n2,745\\n)\\n$\\n595\\n \\nFor the fiscal year ended May 31, 2022\\n595\\n \\n2,573\\n \\n(\\n31\\n)\\n(\\n2,612\\n)\\n525\\n \\nFor the fiscal year ended May 31, 2023\\n525\\n \\n3,344\\n \\n(\\n11\\n)\\n(\\n3,309\\n)\\n549\\n \\n(1)\\nAmounts included in this column primarily relate to foreign currency translation.\\n(1)\\n2023 FORM 10-K \\n96'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 101, 'page_label': '102', 'start_index': 0}, page_content='ITEM 16. FORM 10-K SUMMARY\\nNone.\\n2023 FORM 10-K \\n97'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 102, 'page_label': '103', 'start_index': 0}, page_content='Consent of Independent Registered Public Accounting Firm\\nWe hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-266267) and Form S-8 (Nos. 033-63995, 333-63581, 333-63583, 333-\\n68864, 333-68886, 333-71660, 333-104822, 333-117059, 333-133360, 333-164248, 333-171647, 333-173727, 333-208900, 333-215439 and 333-266269) of NIKE, Inc. of our report\\ndated July 20, 2023 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.\\n/s/ PricewaterhouseCoopers LLP\\nPortland, Oregon\\nJuly 20, 2023\\n2023 FORM 10-K \\n98'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 103, 'page_label': '104', 'start_index': 0}, page_content='SIGNATURES\\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,\\nthereunto duly authorized.\\nNIKE, INC.\\nBy:\\n/s/ JOHN J. DONAHOE II\\nJohn J. Donahoe II\\nPresident and Chief Executive Officer\\nDate:\\nJuly 20, 2023\\nPursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the\\ncapacities and on the dates indicated.\\nSIGNATURE\\nTITLE\\nDATE\\nPRINCIPAL EXECUTIVE OFFICER AND DIRECTOR:\\n/s/ JOHN J. DONAHOE II\\nJohn J. Donahoe II\\nPresident and Chief Executive Officer\\nJuly 20, 2023\\nPRINCIPAL FINANCIAL OFFICER:\\n/s/ MATTHEW FRIEND\\nMatthew Friend\\nExecutive Vice President and Chief Financial Officer\\nJuly 20, 2023\\nPRINCIPAL ACCOUNTING OFFICER:\\n/s/ JOHANNA NIELSEN\\nJohanna Nielsen\\nVice President and Corporate Controller\\nJuly 20, 2023\\nDIRECTORS:\\n/s/ MARK G. PARKER'),\n",
       " Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 103, 'page_label': '104', 'start_index': 826}, page_content='July 20, 2023\\nPRINCIPAL ACCOUNTING OFFICER:\\n/s/ JOHANNA NIELSEN\\nJohanna Nielsen\\nVice President and Corporate Controller\\nJuly 20, 2023\\nDIRECTORS:\\n/s/ MARK G. PARKER\\nMark G. Parker\\nDirector, Chairman of the Board\\nJuly 20, 2023\\n/s/ CATHLEEN A. BENKO\\nCathleen A. Benko\\nDirector\\nJuly 20, 2023\\n/s/ TIMOTHY D. COOK\\nTimothy D. Cook\\nDirector\\nJuly 20, 2023\\n/s/ THASUNDA B. DUCKETT\\nThasunda B. Duckett\\nDirector\\nJuly 20, 2023\\n/s/ MÓNICA GIL\\nMónica Gil\\nDirector\\nJuly 20, 2023\\n/s/ ALAN B. GRAF, JR.\\nAlan B. Graf, Jr.\\nDirector\\nJuly 20, 2023\\n/s/ MARIA HENRY\\nMaria Henry\\nDirector\\nJuly 20, 2023\\n/s/ PETER B. HENRY\\nPeter B. Henry\\nDirector\\nJuly 20, 2023\\n/s/ TRAVIS A. KNIGHT\\nTravis A. Knight\\nDirector\\nJuly 20, 2023\\n/s/ MICHELLE A. PELUSO\\nMichelle A. Peluso\\nDirector\\nJuly 20, 2023\\n/s/ JOHN W. ROGERS, JR.\\nJohn W. Rogers, Jr.\\nDirector\\nJuly 20, 2023\\n/s/ ROBERT SWAN\\nRobert Swan\\nDirector\\nJuly 20, 2023\\n2023 FORM 10-K \\n99')]"
      ]
     },
     "execution_count": 9,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "all_splits"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 10,
   "id": "0bef6ca8",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "505"
      ]
     },
     "execution_count": 10,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "len(all_splits)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 17,
   "id": "aaa5e2bf",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 0, 'page_label': '1', 'start_index': 0}, page_content='stocklight.com\\n \\n>\\nStocks\\n \\n>\\nUnited States\\n \\nNike\\n \\n>\\nAnnual Reports\\n \\n>\\n2023 Annual Report\\nNike Annual Report 2023\\nForm 10-K (NYSE:NKE)\\nPublished: July 20th, 2023\\nBrought to you by')"
      ]
     },
     "execution_count": 17,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "all_splits[0]"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 16,
   "id": "efd3944e",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "'stocklight.com\\n \\n>\\nStocks\\n \\n>\\nUnited States\\n \\nNike\\n \\n>\\nAnnual Reports\\n \\n>\\n2023 Annual Report\\nNike Annual Report 2023\\nForm 10-K (NYSE:NKE)\\nPublished: July 20th, 2023\\nBrought to you by'"
      ]
     },
     "execution_count": 16,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "all_splits[0].page_content"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 18,
   "id": "839ecb9c",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "Document(metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 1, 'page_label': '2', 'start_index': 0}, page_content='Nike (NKE) Historical Annual Reports 2002-2024\\nYear\\nReport\\nSize\\n2024\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2024\\n1.5mb\\n2022\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2022\\n1.5mb\\n2021\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2021\\n163kb\\n2020\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2020\\n678kb\\n2019\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2019\\n1.6mb\\n2018\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2018\\n357kb\\n2017\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2017\\n1.3mb\\n2016\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2016\\n1.4mb\\n2015\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2015\\n253kb\\n2014\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2014\\n251kb\\n2013\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2013\\n262kb\\n2012\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2012\\n715kb\\n2011\\n \\nNike (NKE) 10-K Annual Report - Jul 22nd, 2011\\n656kb\\n2010\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2010\\n659kb\\n2009\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2009\\n625kb\\n2008')"
      ]
     },
     "execution_count": 18,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "all_splits[1]"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 19,
   "id": "fbafb57e",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "968"
      ]
     },
     "execution_count": 19,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "len(all_splits[1].page_content)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 20,
   "id": "ec7af02b",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "'Nike (NKE) Historical Annual Reports 2002-2024\\nYear\\nReport\\nSize\\n2024\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2024\\n1.5mb\\n2022\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2022\\n1.5mb\\n2021\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2021\\n163kb\\n2020\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2020\\n678kb\\n2019\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2019\\n1.6mb\\n2018\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2018\\n357kb\\n2017\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2017\\n1.3mb\\n2016\\n \\nNike (NKE) 10-K Annual Report - Jul 21st, 2016\\n1.4mb\\n2015\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2015\\n253kb\\n2014\\n \\nNike (NKE) 10-K Annual Report - Jul 25th, 2014\\n251kb\\n2013\\n \\nNike (NKE) 10-K Annual Report - Jul 23rd, 2013\\n262kb\\n2012\\n \\nNike (NKE) 10-K Annual Report - Jul 24th, 2012\\n715kb\\n2011\\n \\nNike (NKE) 10-K Annual Report - Jul 22nd, 2011\\n656kb\\n2010\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2010\\n659kb\\n2009\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2009\\n625kb\\n2008'"
      ]
     },
     "execution_count": 20,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "all_splits[1].page_content"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 21,
   "id": "a2519ec6",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "604"
      ]
     },
     "execution_count": 21,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "len(all_splits[2].page_content)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 23,
   "id": "39d10dd2",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "'715kb\\n2011\\n \\nNike (NKE) 10-K Annual Report - Jul 22nd, 2011\\n656kb\\n2010\\n \\nNike (NKE) 10-K Annual Report - Jul 20th, 2010\\n659kb\\n2009\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2009\\n625kb\\n2008\\n \\nNike (NKE) 10-K Annual Report - Jul 28th, 2008\\n566kb\\n2007\\n \\nNike (NKE) 10-K Annual Report - Jul 27th, 2007\\n534kb\\n2006\\n \\nNike (NKE) 10-K Annual Report - Jul 28th, 2006\\n538kb\\n2005\\n \\nNike (NKE) 10-K Annual Report - Jul 29th, 2005\\n520kb\\n2004\\n \\nNike (NKE) 10-K Annual Report - Jul 30th, 2004\\n513kb\\n2003\\n \\nNike (NKE) 10-K Annual Report - Aug 7th, 2003\\n520kb\\n2002\\n \\nNike (NKE) 10-K Annual Report - Aug 14th, 2002\\n500kb'"
      ]
     },
     "execution_count": 23,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "all_splits[2].page_content"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 25,
   "id": "bac151d6",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "968"
      ]
     },
     "execution_count": 25,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "len(all_splits[3].page_content)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 26,
   "id": "b8cd48cc",
   "metadata": {},
   "outputs": [],
   "source": [
    "from langchain_ollama import OllamaEmbeddings\n",
    "\n",
    "embeddings = OllamaEmbeddings(model=\"llama3\")"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 29,
   "id": "9a6fda84",
   "metadata": {},
   "outputs": [],
   "source": [
    "vector_1 = embeddings.embed_query(all_splits[0].page_content)\n",
    "vector_2 = embeddings.embed_query(all_splits[1].page_content)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 32,
   "id": "79a2e273",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "4096"
      ]
     },
     "execution_count": 32,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "len(vector_1)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 33,
   "id": "ab9e1cb7",
   "metadata": {},
   "outputs": [],
   "source": [
    "from langchain_core.vectorstores import InMemoryVectorStore"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 34,
   "id": "248035ce",
   "metadata": {},
   "outputs": [],
   "source": [
    "vector_store = InMemoryVectorStore(embeddings)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 35,
   "id": "4c080d62",
   "metadata": {},
   "outputs": [],
   "source": [
    "ids = vector_store.add_documents(documents=all_splits)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 47,
   "id": "36735e2e",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "[Document(id='421909e4-22a9-400a-a3a7-85d6786f4311', metadata={'producer': 'Qt 4.8.7', 'creator': 'wkhtmltopdf 0.12.6.1', 'creationdate': '2024-08-17T07:37:11+00:00', 'title': 'nke-20230531', 'source': './example_data/nke-10k-2023.pdf', 'total_pages': 104, 'page': 0, 'page_label': '1', 'start_index': 0}, page_content='stocklight.com\\n \\n>\\nStocks\\n \\n>\\nUnited States\\n \\nNike\\n \\n>\\nAnnual Reports\\n \\n>\\n2023 Annual Report\\nNike Annual Report 2023\\nForm 10-K (NYSE:NKE)\\nPublished: July 20th, 2023\\nBrought to you by')]"
      ]
     },
     "execution_count": 47,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "vector_store.get_by_ids(['421909e4-22a9-400a-a3a7-85d6786f4311'])"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 44,
   "id": "012666a2",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "<coroutine object VectorStore.aadd_texts at 0x000001B0A52AB340>"
      ]
     },
     "execution_count": 44,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "vector_store.aadd_texts(texts=\"i am caofei\")"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 46,
   "id": "07e1cc70",
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "['421909e4-22a9-400a-a3a7-85d6786f4311',\n",
       " 'fcda9411-532c-460f-a919-7eadcb80e700',\n",
       " '68933b5a-32a4-445e-9781-8a964356b7e7',\n",
       " '9977f883-7920-42db-a880-fd798b453b31',\n",
       " 'b46aa336-5826-4bfd-9717-7d3ced0de24d',\n",
       " '35afe247-2770-4b05-b8da-5f9e077c1278',\n",
       " '735c7af6-76a3-45df-9c03-ccf921467167',\n",
       " 'bfc2b26d-1d36-4a70-acdc-e1dd09860a50',\n",
       " '0422e86f-6781-46ab-9d60-7c75e459af56',\n",
       " 'e537b2dd-5075-47ae-b148-153aad5d6dc0',\n",
       " 'be31197e-81e2-462c-ba0a-f5176625f66a',\n",
       " '21e381e9-a3f7-437f-a358-440e9821a30e',\n",
       " 'e6d2a292-2812-4cc9-a952-8dd88004fa71',\n",
       " '0f5958b4-05cb-4965-b09d-9b389ab3a725',\n",
       " 'b0a0d7ce-d329-47c6-8e51-a31052e8a402',\n",
       " 'f98c0e2d-7e83-4c38-96f1-ac6a14e612a5',\n",
       " '57311e30-f85d-4b0a-b980-1341db24eed1',\n",
       " 'ad06c734-867a-42cd-866d-b42640e811cc',\n",
       " '8dfaebf6-4037-45c5-9181-3e6dc9543801',\n",
       " '3ae422d9-9c9c-4628-8ddb-43aa2e4b0869',\n",
       " 'bd5387bf-d260-408c-9dbe-0aa1c2423f99',\n",
       " '381235b6-52fc-4a7d-924c-bff5c5ae4466',\n",
       " 'bceefc6f-774f-42f1-9fb6-cdfcf26d039d',\n",
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       " 'af2ed926-83ea-4ed0-a547-3f4b367e7488',\n",
       " '06ca88c6-bff0-48c8-91f8-e1c3efd0005d',\n",
       " '660eda68-daea-4f73-85de-ade60bd3657a',\n",
       " 'a8cf94c7-912a-4e1c-8963-583cc2004caa',\n",
       " '7e8213b8-14ad-45f9-8611-defd22d93147',\n",
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       " 'a8829f00-1496-4bec-a456-b82a779358ba',\n",
       " 'df96b84b-0d12-4a41-a59b-4536167c63c4',\n",
       " 'ea997c73-e9d0-487e-8008-8b90623ec5d4',\n",
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       " 'be9e6bc7-a344-4dda-96cb-af057ba4e343',\n",
       " '15c69509-3844-4a5a-b708-e63979cff2d3',\n",
       " 'b2e63f46-422b-4f7d-8af7-07235e0a4000',\n",
       " '91dc74bd-e681-4421-b6f4-f6f8ba519b4f',\n",
       " '6afa70a5-2b49-490e-8e24-ecffe451191b',\n",
       " '015e11af-385c-49be-93a5-e6f34fa4a15f',\n",
       " '2772962d-3d1f-4fd3-990f-e41dd8dfd194',\n",
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       " 'cb0d1098-6870-45ab-bf07-decafcde46ea',\n",
       " '25bab247-6a43-41ea-86ab-0dc8e23b1d97',\n",
       " '58f1ab82-6729-4de3-9903-3db1cc0cf493',\n",
       " 'cd676e5f-ed9b-470f-8e9c-fa13dcaeb587',\n",
       " '136aa71d-377f-407e-87d5-1e18188493a3',\n",
       " 'ccc78920-cd2e-4a9b-af9f-16686c27cc41',\n",
       " '7399b657-a83f-4894-b467-a1614670306d',\n",
       " 'a3dfbcda-f347-4c05-b06a-efc0c0960a1f',\n",
       " 'c5d22398-6e11-480f-8587-6a772e14cd2c',\n",
       " '81d99441-e834-48cc-800f-3c3660882244',\n",
       " 'e8f86417-8eed-4c20-b3f6-425742c8aa68',\n",
       " 'b1aced50-0710-4dd9-a82f-40c153874ed7',\n",
       " '56c88996-6deb-4141-ad44-aeccd2d5f2bc',\n",
       " 'a47cf8fc-4477-4134-b962-2a200b7912fa',\n",
       " 'f8e71e82-ac99-414c-8149-36efc95f44c6',\n",
       " 'f914babb-35b1-42eb-b2e6-0daabd449664',\n",
       " '595b0255-d11c-4fad-b4ce-4295506ea3f1',\n",
       " '3bd6fb23-b938-4b76-949e-9734c37843ce',\n",
       " '8c3bc368-0a6a-4c70-834a-ea0b24e062bf',\n",
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       " '29cfe475-0ac9-4462-bfee-21a2f3f0087b',\n",
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       " 'bef5a4e8-398d-4614-995b-0a0725206951',\n",
       " '505de5b8-e0af-4189-9a12-63e65d131a9e',\n",
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       " '9683aa9e-4087-47bd-8d1c-7360bc060367',\n",
       " '34a9cb86-f062-43be-9e57-0f7382fb781e',\n",
       " 'f016c7fd-78c5-4bbc-b205-88598514f281',\n",
       " '4a5d086e-3ceb-4add-a049-467006974314',\n",
       " '09cca849-d942-4e78-91a0-63f6f5ce02b4',\n",
       " '3780b6bc-8f42-4d5d-9686-c9a572592d37',\n",
       " '04aed2d5-595d-4110-b6f4-79236ca1d71b',\n",
       " 'f532bcfa-ff8e-4d1d-a2be-0598745a08b5',\n",
       " '3027cf7e-6ae1-49fe-ae01-83d95e4923a3',\n",
       " '7558d4c7-0330-45b1-8b1f-4b3eaa8e6a10',\n",
       " '634e4598-a072-4fa2-9d9e-e8d68b56ef63',\n",
       " '882cf61a-2529-4836-9b5b-1fe1f54b269b',\n",
       " '9cbc262a-e02f-4a1b-8907-d52255c4886c',\n",
       " '783b275f-ba24-4887-9861-f941a465e9f5',\n",
       " '3d2e14cb-97dc-46c7-9bc1-75abbe902329',\n",
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       " 'b950adf4-696e-4302-b635-d4fb4e808ce2',\n",
       " 'e74f6877-e22f-4fa0-901b-f7085f242b84',\n",
       " 'abda248f-310d-4bed-b0bc-45ba339b062b',\n",
       " 'a51a122f-6c2e-4e8e-a2b7-0f2f950fb693',\n",
       " '11c5033b-d5c0-4b3e-8378-2d78c6671db6',\n",
       " '277a2c0e-e5c2-497c-afda-6bdc9654ab38',\n",
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